Cable: Still heading higher
You all know my extreme views on cable by now, based on recent price action and overall GBP levels on the crosses, I think we are headed much higher. As always with the GBP, timing is vital and we can be made to look very foolish by 3-to-4% pull-backs, but I’m pretty confident that we will not see levels below 1.50 again and that we will be trading close to 1.70 by Christmas.
That doesn’t help us much today; resistance is likely to be very solid near previous weekly highs at 1.5750 whilst support levels will now kick in around 1.5535/50. Buying dips is the play here in my view.