Cable continues its slow steady recovery after taking a knock earlier in the day from a downcast outlook from no less than the governor of the Bank of England. Cable fell as low as 1.6392 but since then has recovered, in large measure thanks to demand from Mid-East accounts. The recovery has seen the pound reach the 1.6480s so far. A move up to the 1.6510/15 area would set off a fireworks show as short-term cable bears trow in the proverbial towel.
Given the unforgiving nature ofCable trading, that is exactly what it is most likely to do. It will reach you level of maximum pain, stop you out and then plunge. That’s cable’s job. To take your money…
