Cable is on the march in early Europe, taking out previous years high at 1.6661 and triggering buy stops just above 1.6675. We’ve moved quickly higher, presently at 1.6700.
The release of UK June Nationwide house price data helped trigger the move. The house price index came in at +0.9% m/m, -9.3% y/y, the smallest year on year fall since July 2008.
Next technical resistance up at 1.6750. Looks like 1.6800 is a short-term goal now 1.6661 out of the way. The GBP bulls will be looking for 1.6660/65 to provide durable support on any dips.
