Cable has surged over 1.6000 in hectic early European trade, presently at 1.6035. Technical resistance now comes at 1.6040/50.
Cable was already being underpinned by general USD weakness (S.Korea cutting exposure to US bonds, good risk appetite) and has received a boost from the latest Nationwide house price data.
The building society reports that UK house prices rose +1.2% m/m in May vs -0.3% in April, and fell -11.3% y/y compared to -15.0% in April.
