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Cable Probing Below 61.8% Retracement Of The 2012 Range

Looks like some fix-related selling in cable to wrap up the week in London as the pound (NYSEARCA:FXB) falls below the 61.8% retracement of the 1.5236/1.6310 range seen so far in 2014.

1.5646 is the 61.8% retracement of that range, so a close below that level tonight would add to the bearish backdrop.

Bids are seen on dips to the 1.5600/20 area, some said to protect 1.5600 barriers.

http://www.forexlive.com/blog/2012/05/25/cable-probing-below-61-8-retracement-of-the-2012-range/