Cable has steadied and is pushing higher again, presently at 1.6565. Technical resistances now at 1.6590/00, 1.6620 and 1.6660. Not surprisingly given these levels, there is talk of sell orders lined up at 1.6590/00 (which earlier proved a durable barrier to the upside) and then more at 1.6615/20 and 1.6650/60.
I would hazard a guess there are some buy stops parked not far north of 1.6600. Yes I know, it’s a brave assumption to make, but that’s the kinda guy I am.
For our foreign readers that’s what we call heavy irony around these here parts, infact it might border on sarcasm. I’ll have to think about that….
