Everyone short cable? OK, up we go…
The pound fell back just below the 1.6100 level in early New York trade but it has bounced sharply and trades now at 1.6160. We’ve retraced about 38.2% of the drop from 1.6260 earlier in the day. 1.6176 is the 50% retracement of that same fall while 1.6196 is the 61.8%.