There's a lot of love in the house for the pound right now
Sterling's Trade Weighted Index has risen to 93.5, up +0.3% on the day, after the encouraging UK mftg PMI data
On Friday I reported a 6 week-high of 92.8 and warned during my US session not to stand in the way of month-end GBP demand.
Historic TWI highs were 106.7 in Jan 2007 followed by historic lows of 73.3 in Dec 2008
Cable still has the key 1.5500-10 level to get through and I hope you're playing that again today having either gone short or unloaded longs. A break above, and then 1.5530, will indeed give those of us playing the short side a few concerns but for now it's a case of rinse n repeat whether you're buying dips or selling rallies
Double whammy today of better data and weaker EURGBP both combining to give cable the leg-up from 1.5430 to 1.5499
Currently 1.5476
