Cable hangs in the balance
Cable is up 135 pips to 1.2366 and at the highs of the day. It's bounced back on reports that Boris Johnson is not on a ventilator, just on oxygen.
The US dollar is also under broad pressure as the market continues bet on a rebound in the economy from the virus.
Technically, the pair is right around the 50% retracement of the coronavirus fall. I think a break below 38.2% or above 61.8% is a 'go-with'. If we can complete a three-day reversal with a close above Friday's high, then I'd lean towards the upside but there's no need to rush in.
