FXWW News/GBP crosses

Cable: Buy intraday dips towards 1.6370

  • Sentiment remains strongly pro-GBP after Friday’s retail sales data came in well above expectations;
  • EUR/GBP remains in a solid down-channel but isn’t yet oversold;
  • 1.6370 was the hourly high prior to the spike on Friday and this level now provides initial support for the cable;
  • Levels near 1.6550 will be tough to overcome so book profits near there and re-load on dips.

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