Cable is at session highs close to 1.3150
A break above the recent swing highs above the 1.3150 will clear out some resistance for cable in searching for a move higher, but it is all about the PMI data for the pound now.
The release is just over 5 minutes away and depending on the size of the beat/miss, it could impact pound price action quite significantly in the near-term reaction.
The risk for any downside move now is that if price falls back below the 1.3100 handle. That will open up a move towards possibly testing the key hourly moving averages @ 1.3073 and 1.3052 respectively once again.
Meanwhile, any upside move needs to firmly clear 1.3150 before looking towards further resistance around 1.3170-75 before revisiting the 1.3200 handle.
