The quid is keeping its bid
Usually I like trading big figures (fading a 1st test), especially one that comes on the end of a big move, like today in cable. However, I have certain conditions for a big figure trade, one of which is to judge the manner of how it happened.
GBPUSD 15m chart
In this case I would have felt more comfortable in seeing a 'second wind' move at 1.2470 taking the price up for a test of 1.2500 but instead we sat there in a tight-ish 20-25 pip range. The dip to 1.2440 has been strongly bought up and now we're looking at cementing new highs.
1.2500 might still be a formidable level but the PA is indicating that buyers want to keep pushing and that raises the risk of 1.25 breaking. Time may be a factor and if we hold below as Europe, and then the US, closes out. We'll probably stay below through the Asia session (sorry Eamonn).
