Just your average 4 cent range today in cable. No big deal…
Dealers noted good interest to sell the pound to defend the 1.6400 level where a barrier options was targeted early in the European session. Few would have expected a pullback this deep, however. More surprising than the decline, amid growing calls for a 100 bp cut by the Bank of England, was the initial rally, in my view.
JPY crosses have seen heavy selling over the last hour; none heavier than GBP/JPY, which has fallen to 157.75.
Cable has eased back below 1.6000, now at 1.5985.
