Cable overcame resistance at the 1.4775/80 level and is now looking at the very substantial area of resistance which guards the psychologically important 1.5000 at 1.4960 and again at 1.4985.
The hope that the worst could be behind the banking sectors in the UK and US is helping support the pound across the board as well as reviving risk appetites that had been a fraction of their year-ago levels before being rekindled in recent weeks. Should Q1 bank earnings this week not live up to expectations, the pound could quickly fall bank in the tank and the 1.5000 level will look like a very strong ceiling for weeks to come.
A close above the 1.4780 level would be quite bullish for the pound in the near-term. We trade now at 1.1805.