Cable: Still very much in buy-big-dip club
I think we could see prices fall as low as 1.5750/1.5800 on a stretch but I’m strongly of the opinion that any big dips are buying opportunities. Cable has never been the most obedient technical pair but this has started to change with the increased number of retail traders (who tend to be more technical than market oriented). There’s a possible double-bottom with a neckline at 1.5750 and that’s where the longer-term bulls will be lining up I’m sure.
That said, any 300 pip rallies will run into strong resistance as the market simply doesn’t have any impulsive momentum at present. I know its not very aggressive, but the safest play is to avoid the noise and try to trade as close to the edges of a 1.58/1.63 range as possible, with a definite bullish bias.