Cable started the session looking perky around 1.6550 having found support at 1.6530 but it’s ending it on the back foot at 1.6490 but with good support close by at 1.6475-85 .
We can expect some stronger bids there now than when we first reported, as reflected by current price action but a break lower leaves the way clear for 1.6450 with the target 1.6385-95.
You know my bearish views on this pair by now but it takes two to make a market and picking up longs down here, if you think the FOMC clatter is overdone, is equally a viable play. Sellers expected at 1.6520, then 1.6565 before larger resistance at 1.6600
All delicately poised but looking heavy to me still.
Watch out later for MPC member Martin Weale who makes a speech to local businesses in Windsor at 16.30 GMT. No detail or text released as yet but it will be at the BOE site here
