Cable began its overnight tumble at the 1.6750 level, fell to 1.6605, rebounded virtually 100%, to 1.6745 late in Europe only to dip to 1.6680 again. We’re on our way back once again, and suspect that some stops are perched above the 1.6750 level now. We change hands at 1.6735 as traders shrug off the earlier talk of a sovereign debt downgrade as the oldest possible news.
Cable is probing through a resistance line at 1.6732, as we write. 1.6788 and 1.6840 are upside targets if the break is sustained.
