Sterling has been lagging well behind the EUR on this latest leg higher and it’s been trying hard to make up some ground after the latest set of economic data and MPC minutes. I think any major gains will be hard fought and with EUR/GBP back in bullish mode, I think selling intraday rallies is the easiest way to trade cable. I have trendline resistance and a 76.4% retracement coming in at 1.6160 and if an hourly top forms near there, then I’ll be interested.
