After spending most of the week trading close to 1.6000 Cable hit an air-pocket about an hour ago and has come under intense pressure in the last hour. The selling began in the run-up to the 16:00 GMT fixing and accelerated in its aftermath. A quick slide to 1.5865 has been recorded thus far.
Hopefully all you cable shorts who’ve been chatting back and forth all week still have it on…
1.5775 is the next area of support (a level not seen since October) for the pound near-term. Look for 1.5925, the former range low, which is going to be heavy resistance now on rebounds.
