I’m still strongly of the view that we are in a sideways trading range in cable, something like 1.44/1.50, and that this phase is likely to continue until after the UK general election.
Buying any dips towards the lower end of this range is my preferred bias, as I think the USD bull-run is fast running out of momentum.
That said, volatility in the GBP will pick up over the next few weeks so we need to pick our entry levels carefully. As we are nearing the upper end of recent ranges, partial profit taking seems like a sensible strategy.
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