Cable lead the way higher during the European morning as the pound got a tremendous lift from improved risk appetites and the first rise in the Nationwide house price index in 16 months. EUR/GBP broke lower early in European trade, taking out important support in the 0.9140/45 region and tumbling to 0.9081 before rebounding as the ECB refrained from giving the market the full 50 bp cut the market had anticipated, instead giving the market the mixed signal of a 25 bp cut this month but the real possibility of quantitative ease next month…
Cable has reached 1.4750 in the most recent push after topping out earlier in the session at 1.4715. 1.4778 , the top from March 24, is next resistance.
