Traders note a rush for the exits from medium to long-term speculative accounts in cable today. A now second- tier US investment bank has been the most noted seller, sources say, while UK clearing banks have absorbed significant client sales.
Stops below the 1.6150 level are the big prize for short-term specs in cable today, on the apparent hope that a new month will bring a shift from range-bound markets to more directional markets. Hope springs eternal!
A close above the 0.8825 level in EUR/GBP today would be a further catalyst for weakness in the once mighty pound, traders report. We trade now at 0.8815 from 0.8834 highs earlier.
Cable trades at 1.6237 after finding support in the 1.6205/10 area.
