Another leg to the downside is unfolding in Cable as prices slide over a cent in the last hour. From a rebound high of 1.6250 we fell as low as 1.6110. Session lows were at 1.6088 early in US trade. The primary flow of note today has been the unwinding of GBP longs by the AbuDhabi fund which liquidated its Barclays stake earlier this week.

1.6050 is support on the hourly charts. Heavy stops are below 1.6000.