Cable presently at 1.5565 is down on the day having opened up in Europe around 1.5625, but is off the session low down around 1.5506. Option-related buying in defence of the psychological 1.5500 probably had a fair amount to do with the partial recovery. That said, it’s difficult to argue a strong case for accelerated sterling gains at the present time given the parlous state of the economy. Cable got some brief respite yesterday when global stockmarkets rallied, but even that hasn’t been there today. European stocks remain underwater and U.S. futures are pointing to a bumpy opening for U.S .stocks. Dow industrial futures are down around 90 points. I’d hazard a guess that fairly lumpy stop-loss cable sell orders are gathering just under 1.5500.