Cable moved though 1.6100 triggering buy stops and posting a session high 1.6116. There hasn’t been any real followthrough as yet and we’re back at 1.6095 at writing. Technical resistances now at 1.6120 and 1.6140.
Heightened worries surrounding US government debt and it’s servicing (in wake of news South Korean fund cutting back exposure to US bonds), strong risk appetite, and the release of strong Nationwide house price data, are lending cable very good support.
