The proud old English pound is strutting her stuff in early European markets, up against most of the other majors and especially so against the AUD. Don’t be too surprised by any of these moves, remember that GBP/AUD has fallen a long way and we are currently experiencing a bog standard retracement.
If cable can break and hold above 1.5600 in coming days then I will be declaring a base in place and will start to load up for a good old-fashioned macro short-squeeze 🙂