Cable looking strong on the back of DXY weakness

GBP/USD technical analysis

In today's early market musings, I brought up these points re cable:

• "Cable is putting in a really interesting base pattern just above higher time frame support.
• Cable has stayed relatively strong these last few weeks and if the DXY is going to roll over, then Cable is going to get the rally that it's possibly setting up to give."

Here are some of my further thoughts when it comes to the charts:

Higher time frame thoughts:

• At higher time frame support.
• Trying to print the basing pattern I mentioned above with a possible higher low forming.

Intraday thoughts:

• If it is a higher low on the daily, then it's also a retest of previous short term resistance turned support as marked.
• Intraday retests after higher time frame support holds is an excellent sign.

Earlier in the session, I posted a 15 minute chart featuring the price action around today's UK data release. Click the link and read my early thoughts, but as the US dollar index continues to slide, the price action here in Cable is looking even more appealing.

***EDIT:

I just updated the headline to read 'DXY weakness' as it should have.