Cable rallied above 1.5900 in the early European rush to sell EUR/GBP but the sharp fall since doesn’t bode well for the short term bulls. I personally have exited most of my long position and will look to reinstate towards 1.5500.
GBP/CHF once again halted at the major 1.5360 low but the bears seem to be reasserting themselves there and a break below could see more heavy GBP selling.
All in all, the risk reward for sitting long GBP isn’t looking too flash so as its Friday (and a long weekend here in Australia), I’ll book some profits and see what happens.
