Cable: Looking to re-enter longs
Lots of Brexit headlines this week have knocked the pound off its perch but I am going to stick to my guns and look for attractive levels to re-enter my long cable play. It’s Friday, and there will no doubt be plenty more Brexit headlines in the UK weekend papers, so I prefer to wait until early next week and hopefully pick some up at cheaper levels. I’m not even going to try and speculate where those levels might be, I will wait and see what the market does, but the closer we get to the 1.25 handle, the more attractive it starts to look.
My USD/JPY long play has been a waste of time, energy and resources. It just won’t move. I’m close to giving up on that strategy.
The EUR and AUD remain very resilient. I had expected a more aggressive dip but the cross plays seem to be favouring both of these currencies for now.