Despite Brexit talk on the weekend, Cable opened near Friday levels and rose 50 pips in the morning. After a small pullback it surged another 120 pips in the afternoon, helped by weaker than expected U.S. spending data.
The pair stalled ahead of 50 DMA (currently ~1.4270), which is the level to watch in the day ahead. 1.42 shall now hold as a support if this rally still has some legs. Upside may be limited though.
The pair stalled ahead of 50 DMA (currently ~1.4270), which is the level to watch in the day ahead. 1.42 shall now hold as a support if this rally still has some legs. Upside may be limited though.