Mike’s highlighted strong bids at 1.6150 and a German name has been seen buying down there earlier on.
We’re likely to stay range bound leading up to non farm Tuesday. We could see the April 2011 trendline tested again, as it was last week but the market might not want to push the boundaries too far.
GBP/USD daily chart 21 10 2013
Thursdays break up through resistance at 1.6124 should act as minor support on a move lower. The 200+ pip move up was met with some profit taking on Friday and so cable is likely to be quite comfortable around these levels.
