Cable is up by over 2% on the day now
The pound is rebounding higher on the day as the dollar continues to fall across the board as we see the greenback retraces gains on the week.
Cable is back up by over 2%, touching a session high of 1.1774 as we see the greenback fall sharply against the likes of the aussie, kiwi and loonie as well today.
For cable, getting above yesterday's high of 1.1794 will be a good first step for buyers and also building towards a test of the 23.6 retracement level @ 1.1834.
The 100-hour moving average is the first key real test in the near-term and that sits at 1.1926 but baby steps. After eight successive days of decline from 1.3200 to below 1.1500, this retracement feels overdue and it can get really violent so be wary.
