We’re told the US custody bank that bought cable late in London scooped up as much as 800 mln pounds.
What is astounding is that the pound has shed much of those gains and is now down below 1.6300 again, now at 1.6285. This suggests to me that the market is quite long of GBP near-term.
1.6250 is support near-term. I’d expect some short-term longs to jump ship if that level is lost.
