Cable has given back a full cent of today’s gains, presently at 1.5055. The move comes as stocks turn lower. Corrections in cable, when they come, can be swift and brutal and this one has taken place in double-quick time. .
Think this is a correction, rather than a major turnaround. I’ll continue to think that while we keep above 1.5000. The worry would be that there are some pretty hefty sell-stops just below 1.5000 and again below 1.4985.
Technical supports now lie at 1.5030/35 and 1.5015.