AUTOREFRESH 
Cable slips back after impressive rally
By Gerry Davies || March 17, 2010 at 06:25 GMT
|| 4 comments || Add comment
Cable has slipped back a little during Asian overnight session, presently at 1.5220 from North American close Tuesday up around 1.5255.
UK data due today:
09:30 GMT: Latest Bank of England minutes
09:30 GMT: UK jobs report for February; jobless claims change expected 6k, claimant count rate expected unchanged at 5%, ILO unemployment (3m Jan) expected 7.9% from 7.8%
The past two European sessions have seen decent UK clearer selling interest almost from the get go, at less elevated levels. Will be interesting to see whether the pattern continues.
EDIT: Should have read less elevated levels.
Good morning, Gerry. On a 5-minute chart of the GBP/USD, you can see that cable has quietly drifted down to the 200-day exponential moving average and is just sitting on top of it right now (at about 1.52160). I wonder if your “selling clearers” of the last 2 days aren’t waiting for someone to shake this EMA tree and find out how many falling birds they can bag. In any case, do you have idea when their preferred hunting minute shall commence (as I want to sell before they want to sell)?
no idea about hunting minute. there’s probably a good chance they’ll stay at home now that i actually want them to turn up.
same one monday tuesday was joined by another yesterday. that said third clearer was major player in lifting cable back over 1.5100 yesterday.
Gerry, your sell-the-hell-out-of-cable, clearing bank(s) just showed up, right?
Gerry – FYI, the current “Battle of the GBP”, in USD, can be best appreciated on a 5-minute GBP/USD chart that has a 200-day EMA on it, as said battle refuses to go south of this EMA (and, it now appears that we are going to float upward again to the top, 14-hour old, hannel line of this battle zone, i. e., 1.52587), for another exciting, clearing bank-inclined, “short-the-hell-of-it” opportunity. Stayed tuned …