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Change of heart on my part, it will be interesting to get another perspective,
Covered 2.0030 short this morning at 9973, now flat on spot. still hold the 9880 put and also this morning bought a 2.0100 1 week call for 25 pips. The price on that suprised me and indicates that the market is biased for lower, but I'm not sure if we are going from these levels or 1 more 2.0100/0200 test.
There is no doubt that on the technicals, (daily has definately rolled) cable is capable of a deeper correction lower, however home sales later today need to be above expectations as do durable goods tomorrow, If they are not then despite the extremes on all the majors the USD could still go down further.
Markets can often move much further than expected and we still have not tested the TL from the March 1995 1.6680 high currently around 2.0230/50
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John G
Last edited by JohnG_FX; 07-09-2008 at 01:52 PM..
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