Flows and Orders/FXWW News/GBP crosses

Cable: Macro stops building below 1.7055

A reliable Prime Brokerage source suggests that we could be in for quite a battle if cable trades down towards 1.7070. There are decent bids starting near there but there are also heavy macro-type trailing stops below 1.7055.

With little else to move the market at the moment, these orders may act like a magnet.

German corporates have been noted buyers of EUR/GBP on dips over the last few sessions and this may add to downside pressure on an already long GBP market, if it persists.

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