Cable continued its recent downward trend yesterday, as large selling predominated both in the morning and at the 4pm fix. The eventual break of 1.5350 saw a raft of stops taken out and that level has since capped any rally. The extent of the selling has surprised me but with month end approaching there is no reason to fight the trend for now. Stay short or sell rallies with a 1.5485 stop. EUR GBP had many opportunities to break lower yesterday but 0.8470 held like a rock. Subsequently I have squared the short I have been running for the past week and will instead look to sell a break of that level or a rally to 0.8540-50. Month end flows often support the pair and are another reason to move to the sidelines. Good luck
Posted on: Thu, 27 Jun 2013 08:54:03 +0000
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