Well that was an interesting morning. It probably helped if you have masochistic tendencies. There certainly seems to be a feeling in certain quarters that 1.6500 in cable is a bridge too far, at least in the short-term, and once again we’ve seen cable retreat from said level, presently at 1.6445.
The market has now pretty much fully discounted the news of Abu Dhabi investors selling their stake in Barclays, but cable still seems to look a little vulnerable to me at these exhalted levels. That said, you can bet there are decent buy stops gathering not far above 1.6500, although can’t confirm such.
Quess it’s back to stock watching for time being.
