Cable touches the 1.2500 level for the first time in more than two weeks
The pair is racing to a high of 1.2505 on the session as we see the dollar crumble across the board, with risk starting to jump higher. The breakdown in USD/JPY under 107.00 is also a key technical breach for the greenback and that is favouring dollar bears right now.
For cable, there is some minor resistance around 1.2500-15 with the 38.2 retracement level @ 1.2495 also coming into play currently. That will be the key region to watch in the coming sessions before a potential look at the 15 April high @ 1.2574.
Looking further out, the big level to watch will be the 200-day moving average @ 1.2644.
