Cable has had an impressive run and has breached key technical levels on way up, indicating the bulls are in control
Technical view – Could test 1.4660 in days ahead
- GBP’s daily close above 1.4436 (Mar 11 high) wuld reinforce bulls and yield 1.4669 (Feb 4 high).
- Failure to stay above 1.4390 could see prices test 1.4330. Bullish invalidation is seen only if the spot breaks below 1.4330 on daily closing basis.
- Overall dips are to be bought for target of 1.4669, a turn lower from there would mean the pair is forming right shoulder.