Cable up nearly a cent today

The pound is showing signs of life after falling for 9 consecutive days, ending last week.

We're hitting fresh highs of the day at 1.5241 and challenging yesterday's high of 1.5244.

I'm long the pair from 1.5120 and looking for at least a rally to 1.5318 but mindful that UK data on industrial/manufacturing production is due tomorrow, followed by the BOE on Thursday.

Citi is also out with a recommendation to buy GBP/USD with a target at 1.5390.

Earlier today, Greg took a closer look at the technicals and highlighted 1.5239 as an initial target.