The market continues to turn around the battleship that is its massive short GBP position. Those who have faded this rally looking for the inevitable retracement have been forced to scramble for cover, with many foreced buyers seen this morning on the move through 1.4910 resistance. Prices reached the 1.4935 level before prices paused for breath.
1.4840 and 1.4800 are minor supports on pullbacks near-term. Cable trades now at 1.4875.
Barcalys more-robust than expected earnings helped shore up the pound further this morning.
