I’m long of cable with a stop-loss now below 1.5700, and I suspect that I’m not alone. Despite the fact that China and at least one other ACB have been buying dips near 1.5775, the pair still looks quite heavy. Short covering in EUR/GBP was the main driver overnight and if Europe walks in to see cable below 1.5750, then I’m pretty sure they’ll have a serious go at taking it lower.