Cable has extended its rally, bolstered by improving sentiment, which is seeing risk appetite return and high yielders attract flows. European stocks are doing very nicely (FTSE 100 up nearly 3%, DAX 30 up nearly 4%, S&P futures up about 19 points)
The data out of the UK today has also been encouraging, with the Nationwide home sales and construction PMI both surprisingly good.
Cable is up at 1.4630. Technical resistance now comes at 1.4645/50. Wouldn’t be surprised if there were to be buy-stops gathered just above this level, although haven’t heard any reports of such.
