Cable is also trading very bullishly in recent days and with EUR/GBP having confirmed a long term bearish trendline, the outlook for the pound remains strong, in my biased opinion.
I’ve read some reports of Sovereign offers in the cable at 1.6410/20 and that may slow down progress but I think this is profit-taking on longs taken near 1.60ish. I think this rally will see levels near 1.6550 before some consolidation emerges.
The Asian market failed to trigger stops below 1.6340 earlier today and the subsequent short-covering has taken us right back to the opening level.