Cable has ticked over 1.6500 in early trade, presently at 1.6510. Risk appetite is in good nick at present and this is helping underpin cable.
Technical resistances now lined up at 1.6520 and then 1.6550/55. Supports now at 1.6480, 1.6440 and 1.6415.
It was interesting to hear China were buying the GBP/JPY cross in the low 153’s yesterday.
The early rally in cable comes despite a worrying artcle in the Wall St Journal (see previous comment)
08:30 GMT releases of UK retail sales and BBA loans for house purchases data for June loom large, and may just add a note of caution to the proceedings.
