Cable is slipping to the downside and is at 1.6361 but it only starts to get interesting if 1.6346 breaks. There is a lot of fast money sitting very precariously and it could get squeezed below there.
But it looks to me like cable is starting to form a wedge and will break as the referendum results begin to spill out. if anything, watch the downside because US traders could decide to cut risks by selling cable before they hit the road.
cable chart
Here’s a quick look at the orderboard but note that all orders are liable to be pulled as the results come in:
Bids:
- 1.6348 – techs
- 1.6328
- 1.6309 – techs
- 1.6285 – medium bids
- 1.6247 – Asian low
Offers
- 1.6409 – intraday high
- 1.6420 – strong offers up around downtrend since July
- 1.6450 – medium offers
- 1.6466 – Sept 4 high