Cable: Big support level now around 1.4125

The price action on Tuesday morning in Europe suggested to me that Cable is forming a base. I will only change my view if we start trading below 1.4100 again. The risk-reward therefore is heavily in favour of the base-pickers in my biased opinion. There is blue-sky on the top side if something happens to unsettle the over-hedged GBP shorts out there.

I’m running small longs from 1.4220, will add much more aggressively near 1.4170 with a strategy stop below 1.4100. No topside target for now.

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