GBPUSD is close to flat on the year
After an early flush lower, GBP/USD is close to the highs of the day and within a half-cent of the Dec 31 closing level of 1.5577.
The first few trading days of 2015 were harsh for cable but not for any particular reason. Since then, the pound has been in a slow bottoming and then turn higher.
There is talk about offers at 1.5550. Also note that UK GDP data is due tomorrow at 0930 GMT. We've been talking about EUR/GBP shorts and yesterday wrote about Westpac recommending a long in cable.
The turning point in the pair came when the ECB announce QE. That ensured a boost to continental Europe while Britain gets the spillover benefits.
