The moves today are all about the big figures; EUR/USD is holding 1.30 and cable 1.60.
I’m cautious about betting on those levels to continue holding because the bounces have been tepid. A look at the daily cable chart shows why.
I have highlighted the huge reversal that has come on high volume in the new year. Today, the 100-day and 55-day moving averages also broke.
What’s more is that the spike high was at a major triple top that I highlighted on Wednesday.
Strong bids remain ahead of 1.6000 with stops below. Afterwards there is some support and bids in the 1.5960/50 range and the 200-dma at 1.5902.