The pair has been under intense pressure yesterday testing and bouncing on 1,62 corresponding to the bottom of an intraday descending channel.
Despite the bounce on a weaker US Dollar, we now consider that the rally started on July 12 is being challenged. A new break below 1,62 might lead the Cable towards 1,6090 (200 moving average) with a possible continuation towards the 1,59 area (weekly bollinger band).
Only a break back above 1,6340 would alleviate the immediate downside pressure.
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