I see this dip in Cable following from the in line reading of UK GDP as being a bit overdone in the near term. The basis of support comes in around $1.6850/55 and i see this as a chance to buy. I still expect that Sterling will appreciate in the near to medium term.
I have placed my stop for Cable at 1.68250 (42 pips) which gives a little bit of room under the $1.6830 support. The positive near term outlook for Cable will remain intact until a breach of $1.6800.
On Dollar/Yen is see this jump today as a chance to sell. The initial reaction has already fallen over around 101.70 which is a resistance band and I see this as just a knee jerk reaction that will result in further pressure back on the lows once more. I expect 100.80 to be retested.
I have placed my stop on USD/JPY at 102.05 (43 pips) which is just above the pivot level around 102.00.