Central banks continue to imbibe on EUR/USD and Cable, adding to their groaning positions. Stops from day traders are clustered in the 1.3520/30 area and look a bit vulnerable. As we’ve seen in recent sessions, selling into the rallies still … Continue reading
1.5270 is the 50% retracement of the 1.35/1.7042 rally and that level has been penetrated on an intraday basis. A close below that level will likely bring further weakness in the coming days from long-term investors. 1.5000 barriers are sure … Continue reading
09:30 GMT: Merve the swerve before Banking Commission hearing on the future of banking. No wonder sterling’s struggling this morning. Everytime he opens his gob it gets clobbered. Initial support, as mentioned earlier, 1.5300/05.
Dealers tell me that a GBP/JPY selling flow hit the market at 139.00 and the pair has fallen 40 pips very quickly. GBP sentiment remains quiet bearish. Important cable support at last Friday’s 1.5345 low.
Cable having rallied as high as 1.5476, back quickly to 1.5450 in wake of comment hitting wires. Sterling has stabilised since early 2009, won’t move much beyond where it is now
Cable has recovered it’s poise, back up at 1.5450 amid talk of an Asian sovereign buying. Somewhat inconclusive start to proceedings today.