Stops through 1.4240-45 taken out in Cable, in a move that has been threatening all morning, with the move through 1.4200 earlier on having met with strong demand limiting the day’s lows to just under 1.4190. Friday’s heavy sell off was well contained ahead of 1.4150, but there is no doubting the EUR/GBP resistance ahead from .8030 has played a large part in this modest recovery in the Pound. We expect plenty of choppy trade ahead, and there will be no shortage of sellers towards 1.4300 to keep the downside in check also. EUR/GBP sales have now stretched the lows of the day to just below .7970, and we expect to see stronger support here kick in towards .7925-30.
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