Cable was remarkably resilient yesterday but the sellers are finally getting the upper hand ahead of the European close.
The 55-day moving average, at 1.5376, is support. Some bids are at 1.5380 protecting it but the better interest is at 1.5350 followed by the 100-dma at 1.5321.
I think short cable is one of the better value trades out there right now. I expect US dollar strength to continue and anticipate Carney will be dovish.
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