“What about me sir?” cable cries as it has it’s own little rallyette.
Into 1.5560 we go with the previous high on the upper channel at 1.5580 the next line to cross.
The 100 dma has been crossed at 1.5531 and the big 1.5600 level will be attracting sellers. Whether more have come in since the last attempt or whether they are still there in size remains to be seen.
The trend line is now up to 1.5608 just over the 50 fib of the Dec 2012/Mar 2013 hi/lo at 1.5604.
I’ve been saying that the pressure is still to the upside and I can see this rally halted at 1.5600 or sooner today, but with cable you never know. It’s like your aunties dog that is sweet as anything when she’s holding it but will bite your hand off when on it’s own.
With the BOE announcement tomorrow the chances of more gains are high as I think they will be staying put on both rates and QE.
