Overnight lows of 1.5838 fell just short of the Nov 15 lows of 1.5828 and the bounce so far has stalled into offers ahead of 1.5880. Friday’s close below the 200 day MA currently at 1.5908 is a bearish signal and a successive close below may alert the bears towards a move to 1.5750/70 levels seen in July/Aug last year.
Offers now remain in place from 1.5880 up to 1.5910 with some possible buy stops above. Bids/tech support now lie down at 1.5825/40 with talk of sell stops down through 1.5820.
Cable’s currently trading around 1.5874
