Cable has rallied back over 1.47, presently at 1.4745. The release of better than expected euro zone PMI data will have raised hopes that UK PMI due for release at 08:30 GMT is going to be better than expected. The median forecast is for a 43.5 read.
Cable is fast closing in on important technical resistance at 1.4775. It’s a fair guess that buy-stops will be placed close by, probably around 1.4780. Cable looks well-bid, lets hope PMI doesn’t disappoint.
