GBP/USD has been grinding ever so slowly higher since the flash crash in early October. The pair has been supported by easing of Brexit rhetoric, better than expected macroeconomic data and, not least, GBP/JPY buying.

Cable is currently stalling just below 50 DMA. A convincing break would target November low (1.23) and the post-flash-crash consolidation (1.22). 1.25 is the current bull/bear line in sand. A break and hold above may lead to a retest of 100 DMA.

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