Early attempts to lift cable back above the pivotal 1.6110 have so far failed and we’re back at 1.6098
I took a cheap cut/small loss on my EURGBP short yesterday and will look again. I told you I come out in a rash when I’m long of the pound in any form!
Seriously though I do think the GBP move lower is a timely reality check that we have to look behind the headlines, and the warning from BOE’S Miles that an interest rate hike would be disasterous for the UK’s fragile recovery is a theme I/we have covered here on a number of occasions.
I’m not saying we’re trucking down further from here but as ever the rallies can be sold to good effect, and on the other side the bulls I’m sure will enjoy picking some up down to 1.6050 if they haven’t done so already.
EURGBP has sell interest between 0.8680-0.8700 but will definitely have buying interest down at 0.8540-50 now.
Cable just lifting small again to 1.6105 as I type.
