Cable has found it's legs and made the break through the former Jan support level and the 1.55 big figure
The short term uptrend is stepping up nicely and it looks like we could be heading back to the old range area we were in late last year
GBP/USD daily chart
1.5589 and 1.5630 played both support and resistance over that period so look for them to do so again if we get up there
For the downside the immediate big level is at 1.5480 but we should see some support at 1.5500. Given we've just traded down to 1.5506 that support looks to be confirmed already. We'll just have to see how strong it is. Under there 1.5440/45, 1.5430 and 1.5415/20 are the intraday support levels.
Whether this is the start of a longer term trend or just some unwinding from the big fall from last year is uncertain. The market looks to have taken a slightly sour tone with the dollar following Yellen but it's more like a petty argument than a divorce, so the dollar may not be down in the dumps for too long, and could help keep cable contained.
