Cable is trapped between the big figures.
On Friday, cable closed at the lows of the day at 1.6007 but it reversed course at the open and climbed in Europe. Now it’s stuck ahead of 1.6100. It topped out there in European trading and a second effort (so far) has stalled without breaking the big figure.
Naturally, there are reports of big offers at 1.61 and there is talk of buy stops above. There are more offers at 1.6120 and stronger offers at 1.6145/50.
If the market heads back down, the first sign of orders is at 1.6030.
