Hard to think cable started the day under heavy pressure, posting a session low 1.4518. The pairing continues to make rather remarkable upside progress, presently at 1.4650.
I’m something of a sterling bull, but I tend to keep that to myself, and even I’m a little surprised by the currency’s resilience.
EDIT: Sources report good buying coming out of middle east.
The release of much better than expected CBI retail sales data has certainly helped, but the main driving factor it seems to me is ongoing selling of the EUR/GBP cross on any appreciable rallies. The cross having started off around .8920 in Europe, is presently down at .8890.
Technical resistances for cable now up at 1.4665 and 1.4700/05.
Earlier heard from sources that some sell orders are lined up at 1.4700.