Flows and Orders/FXWW News/GBP crosses

Cable: Consolidating and looking constructive

  • The sight of Asian Sovereign funds buying dips overnight will give us bulls added confidence;
  • Bids expected to be heavy around 1.5770 but we can also expect trailing stops to be building below 1.5740;
  • Option barriers reported at 1.5850, 1.5900 and 1.5950;
  • With the ‘taper’ announcement moving ever closer, we may see some hefty flows in the next few sessions;
  • I’m happy to stay long for now and to wait and see how the market develops. I will reduce my long position by 1/2 below 1.5740.

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