GBP/USD is higher for the second day after closing below the 200-day moving average on Wednesday.

The market is watching the European high of 1.5894. There are also offers at 1.5900 and an option expiry at that lelve at 1500 GMT.

The bigger picture is uninspiring.

The current two-day rally comes after essentially 9 days of selling. If cable had any residual strength, I would have expected a better bounce. That said, there is still time, but the key resistance range is 1.5913 to 1.5940. An inability to break higher leave cable firmly in the ‘sell’ category.