Morning.
Well the Hong Kong and Tokyo guys have been having their fun again with that last push
Not sure how much more topside there is on cable, I just covered the 2.0002 long and reversed short @ 2.0057 position is 2/3 the size of the 2.0100 call so no stop on that at present and open target. I was talking with a colleague last night who does lot of work with Delta's and potentialy we have a high coming in today and then down for an mtd low around the 15th May. That would sort of tie in with where the charts are and the USD general position, Dollar index at extremes agaain and could do with a relief bounce, eve if it's of the dead cat variety.
Have to wait now for the UK GDP and see what that does. also IFO which if stronger could help push EURGBP higher and in turn take cable lower
Anybody else trading cable at the moment ?
Edit : covering the bases, taken a 1.9940 put for 39 pips expiry 4th May
I know many of you don't/can't use currency options but you can also hedge by using the crosses. One of the Analysts has started a thread on that in GBP crosses which is worth a read I think