Cable hasn't exceeded yesterday's high of 1.5958 which was just ten pips shy of the .618 retracement of the move down from 1.7043 to 1.4228. Sellers do seem to have come in but the price hasn't exactly plunged downwards. The low so far has been only 1.5881. We'll have to wait and see on this one.
The next resistance level would be the round number of 1.6000 and then the Feb. '10 high of 1.6070. Support is at 1.5892, 1.5872, 1.5701, and 1.5552.
Here's the hourly chart:
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