Since 17th of June, cable is forming a channel down formation closed between two red lines. On Friday, sellers managed to reach the lowest levels since the beginning of June, cancelling all of the rise performed in the first half of the month. The technical situation for now seems quite straightforward. As long as the price stays in the channel down formation, traders should use high levels for opening new short positions. If buyers manage to break the resistance, traders can think about opening long positions, especially if the price manages to break 1.5345 (yellow resistance).
Currently there are no technical signs of a possible bullish retracement. The European session started with a minor downswing according to the dominant trend on this pair.