GBPUSD breaks election highs as EURGBP cracks 0.7200

The pound is back to winning ways as normal service is resumed in EURGBP

1.5523 marked the election highs last week and we've bested that to a new high of 1.5540

The Feb highs come in around 1.5550 and just ahead of the 38.2 fib at 1.5566. It's a bit sticky from there through 1.5585

GBPUSD daily chart

If we really want to banish any thoughts of falling back towards the years lows we'll need to see this area from here to 1.5585/1.5600 cleaned out. At the moment the sellers are still making it tough

Help for the cable rally could come from EURGBP unwinding all the pips gained over the last few weeks as it heads back below 0.7200. 0.7110/15 is the big level to watch under here but support should be found around 0.7170/75

EURGBP daily chart