Flows and Orders/GBP crosses/Trade Ideas

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.

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