Cable: Selling a bit more at 1.6410
There has been more positive data out of the UK and this has seen cable move back above 1.6400. There has also been a lot of action in the EUR/GBP options market, all one-way traffic namely GBP buyers.
Nevertheless I have taken the opportunity to sell a bit more cable at 1.6410 and I’ve now unloaded 65% of my position. All the analysts and strategists who were bearish cable at 1.52 are now turning bullish, never a good sign in my view. It’s fast approaching Christmas and you never go broke booking profits, but I’ll keep the balance just in case 🙂