Cable down at 1.5360 from early 1.5395. I’d expect some buy orders down at 1.5350/60 as would be normal practice in cable (traders seem to like putting buy orders in around 50 level). Stops won’t be too far below there. Either just below 50 or 40, can’t get confirmantion at present.
Cable is off just over a full cent from Europe’s session high of 1.5473. Reports say Asian sovereigns were notable sellers around the highs.
US investment bank recommending short possie yesterday around 1.5440 is still in play given we’ve not been above 1.5500.
Going to be alot of attention paid to tonights leaders debate, round two. David Cameron will be looking to put in a much more assured performance than in round one when Lib Dems Nick Clegg took the honours.
A good performance by Cameron would likely give sterling a bit of a boost.
