Cable struggles for momentum
Despite the Bank of England decision earlier, it's been one of the quietest cable trading days of the month.
It initially fell on the BOE decision to leave rates lower but the talk of downgraded forecasts and the potential for a rate cut this year was already priced in.
So the initial dip stalled down at 1.3180 and cable slowly recovered to 1.3215.
Bids:
- 1.3180 - session low
- 1.3139 - minor technical support
- 1.3128 - Sept 1 low
- 1.3076 - Aug 31 low
Offers:
- 1.3245/55 - offers building
- 1.3279 - Asian high
- 1.3284 - Sept 8 low
- 1.3300/05 - Minor
- 1.3341 - Sept 13 high
- 1.3350 - Medium offers
