Cable is at a fresh session low of 1.6224 but bids are said to lurk from here down to 1.6200. GBP/JPY has also fallen below the 50% retracement of the 127-131 rally, adding some selling pressure.
The technical outlook in cable is positive and Friday’s CFTC data added another reason to be optimistic but a correction back to 1.6165 would be healthy and provide a better entry for longs.
