Cable managed to trigger the barrier at 1.6500, reaching 1.6502 before sliding on profit-taking.
Dealers say the BIS was a seller in EUR/USD in the 1.4275/80 region, helping cool the most recent rally. We now trade at 1.4240/43. 1.4235/40 should provide modest support on dips.
Profit-taking could pick up if that level is lost as the market remains quite nervous of being caught long near a medium-term top, especially as a litany of banks tell clients to book profits.
