As we suspected yesterday cable’s rally has turned into a grind rather than a spurt. Cable has edged higher in early European trade, presently up at 1.5510.
Talk of stops through 1.5525 yesterday and I’ve no reason to suspect they’re not still there. Only problem is that Sean overnight mentioned sell orders layered from 1.5520 through to 1.5570. Looks like more grinding ahead.
10:00 GMT sees release of CBI distributive trades for July expected at- 3 from previous -5.
