Too damn expensive above 1.5700. Gonna have to outsource him to Vietnam…
The GBP/USD rally we’ve seen this morning is much more explosive than you would expect given the technical set-up. Yes, cable did break a downtrend in place since early November but we were quite close to the apex of a triangle on the charts, suggesting the move should not have been particularly strong.
As the old saying goes, every sunken ship has a chart room…
For the rally to have legs, cable needs to hold above 1.5700. If not, it’s a fade for a dip back to the 1.5655 area.
