Cable has overtaken the area of resistance around 1.4610 and has spiked up to 1.4643 so far as the AIG/Pru deal goes down the tubes.
It is interesting to see the US government hold fast and not dump the AIA unit at a fire sale price just to get it off the books and to raise some cash. Hopefully they have another buyer lined up….
Stops are eyed above the 1.4650 level in cable, traders report. Typically, we’ll trigger the stops, get a few new longs on board, then pullback…1.4610 is now support.
