Cable is being thrown over the side this afternoon, after reaching 1.6015 as London headed for the door. Suddenly there is a buyers strike and the pair has gone into freefall. We’re now down to 1.5880. Adding to the rout is a big bounce in EUR/GBP as that pair narrowly avoided closing below the 200-day moving average at 0.8677 yesterday. One of the US banks has just recommended EUR/GBP longs to clients.
1.5855 is support near-trm. stops lie below 1.5850.
