We do need to be careful as we often get false breaks in thin holiday markets but for now I’m presuming that the move above 1.6310 was a portent of things to come. I’m thinking that previous hourly highs at 1.6200 are now the retracement levels to watch and if they can hold, then I will likely turn from small short to small long in cable.
That would leave me running a decent-sized long EUR/USD position rather than a variety of smaller long EUR cross trades. Once more its a matter of probing and probing until hopefully at some stage ending up with a good trade.