Cable is ticking higher, presently back up at 1.4970. Cable is being helped in no small manner by activity in the EUR/GBP cross which continues to trade very heavy. The cross is presently just above 8800. Wouldn’t be surprised if there were some sell stops in EUR/GBP just below 8800.
Souces report that a US investment bank is presently busy buying sterling (in general) and the aussie dollar. This seems to marry with the talk reported overnight by Sean, that sovereign banks are in the process of diversifying reserves out of euro into sterling and aussie.
Technical resistances for cable now up at 1.4995 and 1.5015.
