Cable has given ground in early trade, presently at 1.6370. News that Barclays’ Abu Dhabi investors are to sell $6.8 bln of shares in the bank has underminned sterling a little.
There is also a feeling in certain quarters that 1.6500 may just prove a temporary top for the pairing. Indeed 1.6500 did seem to have been a target for alot of people on the way up and it’s effectively been reached.
Supports for cable now 1.6365/70 and then 1.6350.
