It is hard to imagine cable traders are willing to make much of a stand at present levels of 1.6355/60. We sit just below the 50% retracement of the choppy 1.6185/1.6565 range seen in recent sessions. Reports of Russian demand was heard this morning but it has all gone quiet in recent hours. Risk aversion is the theme of the day, helping to underpin the greenback across the board.
1.6332 is the 61.8% retracement of the recent rally; expect some stops to be perched below that level.
