Active morning for cable. The early rally made it to a 1.6565 session high, where it ran into some heavy duty selling interest. Not sure who the main culprits were, but would bet a fair chunk of change that Middle East were sellers up around there.
So far aforementioned technical support down at 1.6490/95 is holding. We’re presently at 1.6515.
As mentioned earlier, the proximity of tomorrow’s BOE rate decision and the outside chance of further QE should have the effect of constraining the cable bulls.