The rout on cable came just ahead of the London fix and it’s gone dead in the aftermath. After a 150 pip swandive from 1.5200 just before the ECB, cable has been stuck in a range from 1.5040 to 1.5060 for the past 90 minutes.
It’s a similar story with a lot of tight consolidation (and hardly any bounces) ongoing at the moment. Once New York gets back from lunch look for a bounce (or break) in cable and the rest of the dollar pairs.
Cable – suddenly so quiet
The January low of 1.5034 is a major line in the sand, as Ryan noted earlier.
Update: The Jan low broke at the same time as EUR/USD fell through 1.14.
