Cable rips to fresh high in late squeeze

Technical Analysis

Author: Adam Button | cable

No news behind the move

Traders are dumping cable shorts ahead of the weekend.

Margins are going up for a many broker next week and traders might be getting forced out. It jumped 40 pips in a couple minutes to cap a 180 pip rally.

The thing about GBP trading right now is that no one will fight a move. There's no liquidity and bank desks are on the sidelines.

The squeeze came on the break of the June 6 low, which had morphed into resistance from support. Yesterday looks like a capitulation bottom.

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