Cable has come under renewed pressure after several attempts to build a beachhead above the 1.6000 level faltered, “Smart-money” sellers like Mid-East investors were noted selling into strength earlier in the day and it looks as though short-term cable longs have begun to throw in the towel on those positions. Prices have pulled back to the 1.5925 level in busy trade.
Bids are seen at 1.5890/00 on further dips.