Cable: Large expiries today might keep the pair capped

There are some large expiries later today at both 1.6600 and 1.6650 which should ensure that cable stays capped for the next session or two. Any big moves away from the expiry level will encourage the holder to start selling in the spot market, if they haven’t done so already. Also the fact that the pair hasn’t rallied strongly despite the reportedly big M&A demand, might curb bullish GBP sentiment.

That said I’d expect 1.6580 to continue to hold and dips and 1.6750 should be a step too far for the bulls in the short-term.

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