Cable closed in NY above its recent trendline resistance and further gains look possible. Sentiment for the pound has undergone a major change since the new year was ushered in and many analysts are now looking for significant gains especially on the crosses against the EUR and the JPY. This isn’t so much backed by a solid economic fundamental platform, more by the idea that the GBP is oversold and undervalued.
Support on the day is at 1.6310 and resistance at 1.6410. I’d suggest playing this range for the session with a bullish bias.
