1.70 has been the key line in the battle for cable over the past month. The bulls finally took control in the rally to 1.7063 yesterday.
Or did they? Cable fizzled at 1.7060 today, creating a minor double top and the pair continues to grind lower. Last at 1.7005.
Ultimately, a pip above or below 1.7000 doesn’t make much of a difference. There isn’t much on the UK economic calendar next week and so long as Carney continues to talk about rate hikes, the path is higher.
GBPUSD daily
