Cable is mildly retrenching, trading in the 1.5680s after its earlier sprint above the 1.57 level right around midday in New York. Interbank dealers appear to be trying to get back shorts after being lifted earlier in the session and are keeping dips quite modest, only to 1.5660 thus far.
The 200-day moving average, a hurdle overcome at mid-morning this morning, at 1.5553, is now a solid support level on pullbacks for more medium-term players. Expect some trailing stops to be placed in the 1.5540 region as a result.
