What do you do when nothing changes from one minute to the next? Why buy cable, that’s what.. The Fed was easy before 2:15 and they are still easy at 2:16…buy the pound!
The FOMC revealed nothing new in its statement, mildly upgrading their economic outlook as they have meeting after meeting but laying out significant roadblocks that still confront the US economy. Why anyone would use that statement as a reason to buy cable is one of life’s little mysteries. Hunting for stops is the most likely answer in thin markets, and a successful hunt it was. We reached 1.5243 after triggering stops in the 1.5220/25 area.
I wouldn’t fall in love with the pound up here…
