GBP/USD takes out a key level

The pound has broken above the May highs.

Cable has busted resistance and risen to the best levels in 10 months. The May high of 1.3048 has given way and a wave of buy stops has sent the pair quickly to 1.3073.

Weak US data has been the catalyst with soft CPI and retail sales earlier doing most of the damage but the latest U Mich survey pushed the dollar over the edge.