Cable has continued to rally, taking out barrier option interest at 1.7010 and triggering buy stops just above. Don’t know where the stops were exactly, but it’s safe to say they weren’t of any great size given the lack of any real pop higher. We’ve been as high as 1.7028, presently back slightly at 1.7020.
The GBP bulls will be looking for 1.7000 to now hold any dips. A slip back below will sound a few alarm bells.
Technical resistances 1.7025/30 and 1.7060/70.
