Cable is rallying back. Having posted session low 1.6525 it’s presently back up at 1.6555. Resistances now 1.6580 and 1.6600/10. Gotta admit cable still looks well-underpinned.
Obviously SAMA is pretty bullish, reportedly buying some GBP 2 bln yesterday. I was also interested to hear a US investment bank buying aggressively for the second day in a row yesterday. Then there’s been all the talk/rumours of sterling positive M&A flows (telecom, possible food retail) and oil company and UK bank orders to buy for dividend payment purposes.
There might even be some positive month end flows to come?
