Cable looks poised to make another run at the year's highs

Author: Justin Low | Category: News

GBP/USD hits session high of 1.3911 on the day

Sterling has been in a good mood today as the market seems to be a bit optimistic after news over the weekend from French president Macron. Though, I don't think it's reason enough to be too excited as he basically made a half-hearted gesture in my opinion.

But cable has been supported by the upward trendline from last week's move higher today, and that's giving enough reason for buyers to come in as we stay above the 100-hour MA (red line).

For now, staying above 1.3900 would be a minor win for buyers - but ultimately it's the year's high of 1.3945 that they want to try and break through for another leg higher.

Although, as Mike pointed out here there are offers lurking near that region around the 1.3950 level that could keep the pair in check if it makes a run to the topside.

But be reminded that a lot of the sentiment so far has been dollar driven - as the dollar is now the weakest major currency on the major bloc:

Major currencies' performance against the USD