Cable now up 35 pips on the day
Cable is quietly having a good year. Sterling is the best-performing G10 currency despite the brutal covid winter and lockdowns in the UK.
The takeaway is that Brexit flows into a beaten-down currency and cheap equity market are slowly winning out.
If you zoom out to a four-hour chart, there's a nice series of higher lows in cable and today's bounce underscores the point further. I expect that if we can get above 1.3760 on the latest move then it's going to be a fairly quick trip to 1.40.
