Wherever there are stops, that’s where the market is likely to go. The overall trends will remain in play but the intraday swings will be driven by stops and gaps in liquidity.
I’m not hearing much yet this morning but I’d expect trailing stops in the EUR/USD above 1.3425, above .9855 in the AUD/USD and above 1.5840 in the cable.
On the downside, the levels to watch should be 1.5740 in cable and 1.3280 in EUR/USD.
