Cable 70 pips from the lows
Cable finished the month in the worst possible way, with a rise to a two-week high of 1.44 in Asia wiped out and falling to a 9-day low of 1.4150.
The drop today complete wipes out a solid gain yesterday. The alternating gains to 1.44 and back down to 1.42 have been ongoing for 6 days in a series of nasty whipsaws.
The selling today seemed to hit a crescendo at the London fix as it hit 1.4660 and then stabilized but a second, final round of selling blew out the last rounds of stops and knocked out 1.4650 before the relief bounce finally started. Getting stopped out at the lows there is a tough one to swallow.
At these levels, the cable monthly close will be the lowest since Feb 2002.
