Cable Rally
The British pound has fallen a bit during the course of the week, after initially trying to rally. The market formed a couple of shooting stars during the course of the week which of course brings in fresh selling, so be interesting to see how that plays out. All things being equal, this is a market that I think will continue to see a lot of noisy behavior, but at the end of the day I do not necessarily think we are quite ready to make a move yet. At this point, if we break down below the 1.35 handle, then I think the longer-term traders will continue to push this market around. At that point, we could very well go looking towards the 1.32 level again.
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