Cable sits at 1.5960, slightly firmer from where Icame in this morning, namely 1.5930. The afternoon session in Europe has been almost eerily quiet for cable, which makes a change.
Technical support 1.5925/30, resistances at 1.5975/80 and 1.6000.
Market still seems to be bulllish cable, albeit somewhat more cautiously so than of late.
I think support down at 1.5850/55 is key to the short-term prospects for the pairing. If it gives out, then I think we’re in a different ballgame and could well see a protracted run lower in the pairing.
