Cable has once again run into a brickwall up above 1.7000. This time the PMI/industrial-manufacturing output induced rally reached a session high 1.7005 before abruptly reversing course.
We’re presently back at 1.6970. Sources note barrier option interest up at 1.7010 and expect durable defence of said level, which is what we’ve been seeing in past couple of sessions.
Buy stops are, not surprisingly, said to be gathering in the 1.7010/20 area.
Given that China earlier today sold around 1.6940, there must be good chance they sold above 1.7000, but I can’t as yet get confirmation of such.