GBP/USD is up more than 200 pips today in the biggest rally since the un-taper. Interestingly, the springboard for the rally came right at 1.5900, which was the same level as the pair moments before the Fed decided not to taper.
Cable daily chart
There might be a bit of a head & shoulders pattern shaping up but it’s too early to say. If the Oct highs break, it’s going to run.
Here’s a look at the orderboard for cable:
- Medium offers at 1.6170/80
- Strong sellers at 1.6200 and just above
- Strong offers ahead of the October high of 1.6260
- Bids building around 1.6100
