There was talk in the markets of a large buy order on GBPUSD that had to go through the 4 o clock fix last Friday the 21/2/2014, momements later GBPUSD dropped 100 pips. The same market chatter is back in focus today as a larger order has to go through the market tomorrow again at the 4 o clock fix.
gbpusddaily
So we have seen rallies capped in cable by the topside of the longer term channel and the 100 exponential daily moving average offering good opportunities for longs. All eyes are now on the 1.66 key support.
The short term chart indicates the range and we can see what happened in cable last Friday. Trying to trade this is hard, as it is more like a casino, I am short cable and see further downside despite this rumor and I prefer trading my view rather then on rumors.
