Technical Analysis

Cable rises to three-week high as sterling firms up

GBP/USD touches a high of 1.3255


I’m not seeing any headlines to have caused the move higher but it’s just an extension of the current range seen in pound pairs in general. GBP/USD still sits in a 29 pips range for the day but the highs now are at levels the pair last traded back at the end of September.

I want to say Hammond’s comments here had something to do with it but they’re a few minutes after the mini jump and they’re not anything new really.

The next resistance level for cable is the 20 September high at 1.3298. That will be followed up by offers around the 1.3300 handle and then the 38.2 retracement level @ 1.3317.

Ahead of next week’s EU Summit, it looks like there is an element of posturing towards a more optimistic tone for talks between the UK and the EU. The only risk right now for that remains that of May’s domestic travails in trying to win over votes in parliament for her Chequers proposal.

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