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Nothing falls in a straight line forever.
It's month end today and that was the cue for cable shorts to square up. The pair jumped 135 pips today to 1.2591. The pair fell as low as 1.2411 yesterday.
Is there scope for a larger bounce from here? I believe there is but the trend is lower. I would look to sell around 1.28 as the growth outlook for Europe continues to deteriorate and risk trades struggle. Lately, cable has had a very high correlation with equities and the picture in stocks at the moment isn't good.