The pullbacks in this cable move have been pretty shallow, indicating a market that is short and that needs to cover on dips. Last night in London trade the market struggled to break above 1.6410 with talk of a Sovereign name selling at that level. Now that we are above that level, the market has bounceed off it on 6 consecutive hourly bars.
More gains look likely but I’m persevering with my short strategy. I will build into strength hoping for a nasty turnaround sometime soon, very soon I hope!
