The cable had a lot of difficulty staying above 1.47 last time around but it’s looking a bit more stable today. I would anticipate lots of stops above 1.4770 and if we can break above there we should see a test of the medium term trendline which is almost smack bang on 1.50. The 5 and 15-day MAs are forming a nice rounding base and the technical picture overall looks mildly bullish in the short-term at least.