DislikedCable charts pretty messy. The market expecting QE on Thursday so would expect market to be prepared to make a large move then.
As a comparison 4hr gbp/jpy- very similar to cable with usd/jpy being flat. But is shows the channel much clearer- and indicates further weakness cable. No trade in cable other than the usual scalps as far as I can see todayIgnored
Even though on Sunday I stated that QE will unlikey be implemented until GDP figures are negative, I was watching the Conservative Party Conference last night and George Osborne stated that the BoE would have full backing from the Government if they implemented further QE.
Therefore, this with the recent bad numbers out of the UK increases the probability of further QE, which is not good for the currency!
BUT, remember the old adage, sell the rumour, buy the news or vice versa!