Cable spikes higher, surpasses 1.4300 for the first time in almost three months

Technical Analysis

Author: Justin Low | gbpusd

GBP/USD up to highs of 1.4304 on the day


Sterling continues to gain further on the day, as the dollar falls further behind.

Cable is now back to testing the year's highs following Friday's run - which subsequently failed to hold a daily close above 1.4268.

This all feels like de ja vu again as we head into US trading. But as mentioned several times before on Friday and earlier here today, this remains a key level for buyers to take out and until they do so any further upside move is expected to stall.

There isn't anything significant on the wires today to come out from EU or the UK, with little of note on the calendar as well.

This will prove to be a key week for sterling pairs, considering that we will have a slew of data in the coming days (labour market report, inflation report, retail sales data). So, while the break here could ignite further bids there is still some key risk event hurdles for buyers to jump through still.

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