These are volatile days for cable traders as money continues to slosh around following the referendum.
The latest move was a swift fall to 1.6328 from 1.6400. Yesterday’s low of 1.6303 is the main support level to watch. More bids below at 1.6285.
I think yesterday’s low will hold and that real money is creeping back into cable. The US dollar is also starting to lose some of the powerful bid that was in the market.
I think the PBOC news is starting to get some traction and is boosting the commodity bloc.