This looks like a day to watch the market and avoid trading, no matter how tempting it looks. We may see some silly moves later on which give excellent trading opportunities. It looks bid one minute and horrible the next.
The possible neckline in the cable at 1.6250 along with some decent sized bids have all been filled as GBP/JPY selling out of Tokyo takes control. EUR/JPY has also fallen. Dealers say that there are still a number of stops on the downside so be careful out there.
