Cable is under a little pressure in early European trade, extending overnight losses, presently down testing technical support at 1.6490/95. Below there we have 1.6480 and 1.6450 as next supports. On the topside, resistances seen up at 1.6550, 1.6565 and 1.6600.
Yesterday’s move, which saw burgeoning risk appetite, is going through some consolidation.
Personally I can’t get overly bullish cable north of 1.6500. I can’t help thinking cable’s still pretty much stuck in a range, with 1.65 up through 1.6650 looking toppy.
