GBP crosses

Old wives tale #77; always ignore GBP moves in Asia

Cable has rallied 40 pips already in Asia and if it rallies another 30, up to hourly resistance near 1.6040, I’d be tempted to try an intraday short with a tight stop-loss. The liklihood is that when London walk in, they say “Asia did what?” and promptly undo most of what happened in thin Asian Friday markets.

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