Cable’s rebound stalled right where the textbooks tells us it should have, at the 1.5890/95 level. 1.5890/95 contained two pullbacks previously before cable broke lower on the third try. Dwindling hopes for a rapid move toward additional QE by the Fed is prompting covering from dollar shorts across the board today.
1.5860 is near-term support while more is scant (given the meteoric rise) until down near 1.5800.
