Decent bounce off the bottom
At this point a rebound in cable is little more than a dead-cat bounce.
The pair fell in four of the five days this week and the lone climb was just 5 pips on the US holiday. It fell to a 7-month low of 1.2481 earlier on broad USD strength but some combination of bottom-picking and positions squaring has given it a lift up to 1.2522.
This bounce is probably little more than a selling opportunity but I think it might need another catalyst to break down -- likely from the USD side.
