Those who faded the 1.5500/25 area are in the process of trying to get those shorts back. In that process, we’ve overcome the 200-day average at 1.5555. The big uptick in CBI retail sales data was a huge catalyst to give the market the last dose of courage it needed to break above tops that have contained the pound for 6 months.
1.5815 the near-term topside target while 1.5830/50 is a significant resistance zone 1.5500/25 should provide support on dips near-term. But don’t forget, it is cable after all.
