Cable extends gain to 100 pips as Friday's reversal extends
Technicals for the win
As Brexit fades and the vaccination rollout continues, there's plenty to like about the UK.
That's finally being reflected in the market after cable traded flat YTD last week. The tell was on Friday, when the pair formed a bullish outside reversal, something I highlighted.
Now it's exploded higher and pierced the April highs, a sign that 1.40 is the next target, though at this point we might see some consolidation first.
Looking at the broader market, GBP is the best performer so far today with the US dollar lagging followed by CAD.