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.