Cable nears the November highs on dollar selling and Brexit optimism
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Cable on the move
The US dollar is slumping as New York trading hits it stride after a long weekend. At the same time, optimism about a Brexit deal continues to build.
After a few whipsaws earlier, cable has moved decisively higher and is up 60 pips on the day to 1.3375.
The technicals are going to take over in the short-term because of offers ahead of resistance at the November high of 1.3398 (call it 1.34) and stops above. If that gives way, I wouldn’t expect much to stand in the way of a return to the September spike high of 1.3482