Cable has rebounded nicely, underpinned by the proximity of the fix in about 35 minutes where there is expected to be demand for the pairing.
The release of slightly better than expected U of Michigan consumer sentiment data and Milwaukee PMI, with stocks rebounding a little, is also providing support.
Just reading some bank stuff I received today. Seems 1.6195/00 is fairly important on the upside. Seems to be a common thread that a breach there opens up the possibility of a move to the 1.6450-1.6500 area. Another common thread is that 1.5850 is very important support.
One more note; cable bulls will be hoping the touted fix demand hasn’t already been front run.
