Cable: Looks very constructive but needs to break above 1.5750
As you know I’m bullish on the GBP, long against both the USD and the EUR at present. I only sold a small amount of EUR/GBP and am looking for technical entry levels to increase this position. The levels in cable are much more clear-cut (see chart) and the daily chart continues to look very constructive but it needs to break above 1.5800 to generate fresh momentum.
With very strong economic data in recent weeks out of the UK, I see no reason to sell GBP at present especially given that it’s still at historically quite-low levels on the crosses.