Cable is presently testing technical resistance up at 1.5900/10, bolstered by the release of much better than expected US consumer confidence data. Above 1.5900/10 there is little of consequence until 1.5945/50.
Also helping cable’s cause will be the State St global investor confidence index, which rose to 106.3 in May, up from 103.2 in April, the fifth rise in a row and the second highest level in the past 12 months.
And to complete a triple whammy, Richmond Fed manufacturing data is also showing impressive gains.
As mentioned still talk of 1.5950 barrier option interest, so some defence of said level can be expected. Also expect some buy stops just above there.