Earlier we mentioned buy orders down at 1.5800/20 and they’re presently providing durable support for the beleaguered pound. From session low 1.5810 we’re back up at 1.5843.
Talk of Asian sovereign buying around the lows. Sell stops remain through 1.5800. Obviously a move back above the 200 dma at 1.5908 would bring a sigh of relief to cable bulls. Personally hope we don’t see it anytime soon
One slightly worrying thing for old dino cable bears like me is that the market is discounting really dreadful Q4 GDP data Friday. Can the quarter on quarter number really be as bad as -0.5%?
