GBPUSD strings together a series of higher lows.
It's another US dollar rout on the market today but cable is hanging tough. A big part of the story is EUR/GBP flows but it's another example of how resilient the pound can be.
Technically, the intraday chart shows a series of higher lows. At the moment, the pair is slipping because of renewed round of risk aversion and fresh lows in the stock market but so long as 1.5070 holds, the upside is enticing.
I like putting a buy order at 1.5105 with a short term target of 1.5125, for a small intraday trade.
If 1.5070 breaks first, stay on the sidelines.
Update: 1.5070 didn't hold. Fuggedaboutit
