Cable sits at 1.5290, very marginally firmer from a North American close Thursday down around 1.5265. Boy, given all the negative rhetoric surrounding sterling thought I’d be walking in to see cable sub 1.5200. It’s a funny old world, for sure.
Anyways big event risk day for sterling with the 09:30 GMT release of revised Q4 GDP data. Forecasts earlier in the week had been calling for an upward revision to +0.2% q/q from initial +0.1%. Yesterday’s release of very poor Q4 business investment data seems however to have dampened expectations.
Feel anything worse than +0.1% should see cable sold. A number at +0.2% or better and cable should see nice relief rally.
Sell orders noted up around 1.5300. Stops won’t be far north of there. Will have to try and find out exactly where. Buy orders 1.5195/05, stops just below there.
