Cable: Long position looking more secure
I started building a long position on Friday and managed to get into the market at some favourable levels, albeit with a fairly small position. I’m hoping that the market will consolidate now above 1.5650 and that we get an initial sharp short-covering rally towards 1.5950. I will look to trade the edges of this range with a bullish bias.
EUR/GBP may have a bit more topside if it can break above .8000, 40/50 pips maximum imho, and once this pair tops out we should see the cable topside acceleration gather pace.