Cable continues its impressive comeback, working through sell orders in the 1.5070/80 area and extending gains as high as 1.5102. 1.5112, the March 23 high, is next resistance with downtrend resistance (drawn off of 1.6457) overhead at 1.5137. A break above those levels will go a long way toward convincing traders that the pound has made a durable bottom.
Upbeat poll numbers for the Tories along with a rise in UK home prices have helped provide the fundamental backdrop for this morning’s rally.
