Cable runs into a brick wall

Cable is back where it started (well at least where it was when I first sat down with my early morning cuppa.) We’re presently at 1.6085 with the earlier cable rally stalling out at 1.6129. Guess those aforementioned sell orders at 1.6125/40 must have been pretty lumpy. Seems there is still evident caution ahead of the BOE rate decision and likely extension of QE programme, which isn’t surprising. I kinda get the feeling today is going to be rather volatile on the cable front (no kidding.) With that in mind I’ll mention that sources are reporting buy stops gathering just above 1.6140. A little ways away, but as we know with cable you could be there in the blink of an eye. S&P futures presently up 6 ticks. Risk sentiment seems to be cautiously on the mend.

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