• Heavy trailing stops are reported below 1.6265 and 1.6240;
  • Market has been buying cable for some months now putting it at risk of a sharp spike lower especially now that the USD is establishing a ‘bid tone’;
  • Overall I’m still bullish on cable (but I’ve taken most of my risk off the table in recent weeks) and if stops start getting triggered in thin markets, we could see a dip towards 1.6000 again.