Looks like some bargain hunters are at work in cable, pushing the pair up after this morning’s slide. Heavy selling of GBP against AUD linked to insurance payments related to the Queensland floods pushed the pound below the 1.5970/80 area that has defined the base of the range in recent months, setting off a wave of stop-loss selling earlier in the day.
We’re now back to the 1.6000 area with congestion on the intraday charts scattered up to 1.6020. Stop-loss buy orders are seen in the 1.6025 area.
