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MIG Bank

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Cable Headed Towards 1.6500/1.6618

GBP/USD has seen an acceleration of gains following the breach of the previous swing high at 1.6063 as the British Pound continues to outperform across the board.

While we could see some corrective activity from the 1.6455/1.6500 area the overall tone remains positive while 1.5805 holds and we look for old resistance at 1.6063 to contain dips prior to seeing an extension of the 1.5235 advance for psychological 1.6500 then the 1.6618 August reaction high.

Settlement back below 1.6063 from here would suggest stalling upside momentum, while we would need to see the loss of 1.5805 to threaten key support at 1.5603 (12th March low) in a much deeper retracment of the 1.5235 advance.

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