•Cable retreat to 1.3390 after a minor pull back to 1.3428 on the back of a broad-based USD rebound. The slide could extend to 1.3320 [38.2% Fib retrace of 1.2773 to 1.3657 rally].
•A Daily close below 1.3445 [September 2016 high] today will confirm a trend reversal. This, coupled with decreasing open interest and diminishing volume, is hinting at the possibility that a potential turn could be on the cards.
•Support: 1.3320, 1.3282 [20 DMA] & 1.3250.
•Resistance: 1.3445, 1.3495-1.3520.
•Recommendation: Sell on rally around 1.3445-50 with SL above: 1.3480 and TP: 1.3380/1.3350/1.3320.