Cable will never go anywhere in a straight line but when it starts to move, it can really get some serious momentum going and moves of 5 or 6 big figures in 2 sessions are not unknown. At the moment the danger would seem to be that the pound can continue to rally and perhaps challenge levels above 1.5550. The general sentiment seems to have swung around especially among the interbank dealing community so I’d expect dips to be well supported for the next few sessions. Next resistance is at the overnight 1.5435 high.