Flows and Orders/GBP crosses

Cable: Looking bit heavy in early European trade

I sold 1/2 my long position overnight at 1.5315 and will look to buy it back on any big dips towards 1.5200. The fact that the overnight rally stalled at exactly the 61.8% retracement of 1.5600/1.5000 will be encouraging to the bears (just as the double bottom is encouraging to the bulls!). If we get another rally which stalls at 1.5370 then I will believe the bulls and exit my entire position.

(Sounds like a perfect scenario for 1.5170/1.5370 range trading!)

  1. Sean,
    if cable rallies towards 1.537 and break it, will that change your perception? Then perhaps any dips from here onwards will be a bid?
    I might buy dips towards 1.5236 but with a small position.

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