Cable: Still long, looking to play 1.6570/1.6670 range pre-BOE
The going has been slow for the cable but I’m of the view that a base will form between 1.6570/1.6670 and that we may get further topside after the BOE later in the week. Short-term moves will be determined by where the stops are and there may be some now back below 1.6590. In order to keep our sanity, it’s become necessary to trade all of these 50 pip moves, otherwise we sit around for weeks on end doing nothing!
Asia usually trades a 20 pip range, so 1.6600/20 should cover most eventualities.