The morning march against the dollar goes on

GBPUSD benefitting twofold today. Some weaker yen sentiment plus some improved commodity sentiment from oil is helping to lift cable towards recent highs around 1.2950.

So far we've come up 9 pips short of the level.

GBPUSD H4 chart

We've actually got an area between 1.2945/55 that's in play here and it's looking pretty important for the sellers protecting 1.30. The last time we came up this high we couldn't even grab a 90 print, such was the selling ahead of the big figure.

For the moment, the 50 area has been rebuffed and cable will need to hold support around 1.2920 or suffer further loses down towards 1.2900.

GBPUSD 15m chart

If it loses its grip on 1.2900 then that will class as another failure and we'll probably see a sharper pullback to the low 1.28's.

If we do hold support here and attack again, and break 1.29545/55 then I'll look for a big figure short into 1.2990/95, depending on how the price action looks. Given the offers Mike's touted at 1.30, it doesn't take a mind reader to guess that there's likely to be some hefty stops should it break, so any short I'll keep fairly tight stop wise.