Cable had spent several sessions between 1.6750 and 1.6875 and long liquidation has been in place since 1.6750 was lost earlier this afternoon. We’ve dipped into the high 1.67-teens thus far. Faltering upside momentum was the likely catalyst rather than the three-way split on the MPC regarding the extension of QE, but I’m sure Cable bears can pick out something from the minutes to focus on to make a fundamental case for the drop.
1.6690 is first support for cable, the 10-day moving average. More important is at 1.6660, the uptrend from the October 13 low. Offers lie between 1.6740 and 50 this afternoon.
