Cable: Very heavy turnover reported overnight; 1.5150/1.5370 range favoured
- At least 3 of the big banks are reporting very heavy turnover in the cable overnight and the surprising thing is that it hasn’t moved.
- Longer-term players were also reported selling GBP/JPY, booking their profits after a very profitable ride.
- EUR/GBP resistance at .8590/00 remains intact.
I think we may be in for a big move in the GBP very soon but I’m not sure at the moment which way. I’m small long of cable in expectation of a 1.5150/1.5370 holding range but once this breaks we could see a very sharp move.