FXWW News/GBP crosses

Cable: Hanging onto long position for now

Prices are back near my entry levels and the sideways price action in cable is starting to look consolidative (and therefore bearish). EUR/GBP has been the main problem with short positions starting to reduce or exit completely. The SNB support in EUR/CHF should be bearish for EUR/GBP (as they sanitise their EUR purchases) but as yet we have seen no sign of this.

I will stick with my cable long position for now and see how the market develops but if we start to spend some time around 1.5550 levels, then I will need to reconsider very quickly indeed.

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