Cable has climbed above 1.6200 and has taken out stops above 1.6210. The move breaks the 61.8% retracement of yesterday’s decline and opens the way for a retest of 1.6240. There is talk of some offers in the 1.6215/20 zone but they may prove to be light.
EUR/USD continues to pressure the Asian high and a break there could cause broad US dollar selling and give a lift to the pound.