Cable Shows Life--January 15, 2008
The short covering rally has begun in cable, fueled by the release of UK CPI figures remaining above BOE target and negative US retail sales numbers. But perhaps just as important is the maintenance of the support at 1.9525-35 mentioned in yesterday's post.
Last nights low around 1.9525 could be seen as a beta, with the previous high in the european morning around 1.9646 as alpha.
First, a 30 minute chart:
And to add some perspective, a 4 hour chart:
