Cable is holding up pretty well in early European trade, presently at 1.6645. Technical resistance now looms large in form of previous years high up at 1.6661. Stops are said to be lined up at 1.6675/80.
Yesterday there was talk of month, quarter, half year-end dollar sales lined up for todays’ fixings, and this plus decent risk appetite will be lending cable good support.
There may be a little caution ahead of todays final revision of U.K. Q-1 GDP data, but this aside, cable looks like it wants to take out aforementioned previous high and go higher still.
