Cable fails to test 1.6400- starting to pull back
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There has been a fair bit of chatter in the market about Middle East offers in the cable above 1.6400. We managed to get to 1.6390 a little earlier after the Shanghai bourse recovered early losses, but it looks like traders are uncomfortable sitting on long sterling positions and the cable has now turned lower, back at 1.6360. I expect the session range edges to remain unchallenged now until Europe steps in.
