It’s pretty amazing to see the markets shift gears from chaotic untradable conditions to very serene trading ranges in just a few days time. Such is the market we find ourselves in.
Cable remains in demand as Mid East accounts inject money into Barclays. Talk of a 1.5100 exotic trigger is helping support the pound as well. One side of the trade gets a payout above 1.5100, the other side avoids a big payout. Look for a spirited battle on the approach of that level. We trade now at 1.5070.