Doing my best to give it the kiss of death, cable is looking to post its first daily gain in 10
A good start for the pound after what has been a dreadful run of losses the last 9 trading sessions
We've managed to get above Nov 2014 resistance again and we'll look to that to hold support now at 1.5200.
1.5250/60 will hold resistance on the upside with stronger at 1.5275/80
GBPUSD H4 chart
This has been a very sharp correction and the longer it went on the higher the chance grew of an equally sharp retracement. Whether that is going to happen is still in question but shorts in this one won't be getting worried until we get up towards the 38.2 & 50.0 fibs of this move at 1.5414 & 1.5491 respectively. That gives the pound a lot of work to do until then.
I'm 50/50 on whether this bounce means the end of the down move or just a drinks break. Of course, the BOE MPC meeting on Thursday could steady things until then. The recent services PMI drop could have any hawks remaining on the fence with only one voting for hikes at the last meeting
