Below 1.1950 Cable falls back in to its established down channel. Psychologically, this tends to be very disappointing for GBP longs who traded the break out. Once this break out turns out to be a false, we tend to see a very swift follow through price action to the opposite end of the established channel. Here we are first looking for the recent 1.1760 low to be tested again but should that give way, the low channel line comes in some 5 BF lower. Watch out below!