Cable buyers did well to break back above the 100-day moving average on the week but we are seeing the upside move stall a little on the day as price is down from 1.3575 to 1.3550 levels at the moment. The 100-day moving average is seen @ 1.3510 and that is a key line in the sand for buyers as we look to close out the week.
Keep above and the upside momentum remains somewhat intact but break below and we can start to see sellers come back into the picture to contest the key hourly moving averages @ 1.3474-79 at the moment.
But perhaps, the more pertinent chart is that of EUR/GBP:
The pair is seeing its recent downside push stall near key support @ 0.8300. That has been a pivotal area in limiting any downside move ever since the break to the topside following the Brexit referendum.
A more hawkish BOE and dovish ECB could be the right catalyst for a downside break in the pair and in turn, contribute to stronger gains in the pound in the next few sessions.