Either way Cable is stealthily creeping back to that 1.5800 level again. There are a couple of expiries today at 1.5810 and 1.5850 which may be holding some attraction and offers sit up around the 1.5820/25 level where this morning’s bounce was halted before the GDP release. Bids are now resurfacing down at 1.5750 area after earlier post GDP lows of 1.5745.
The cross topped out at 0.8536 ahead of offers protecting a 0.8550 barrier. Above there is technical resistance at 0.8577 which is a 61.8 retracement of the fall from 0.9084/0.7756 (Jun 24 2011/July23 2012)
Cable’s sitting at 1.5800 with the cross around 0.8512