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Cable Testing Last Week’s Highs, Maintains Bullish Tone

GBP
  • Sterling strength picking up in recent trade with cable (+0.46) now testing last week’s highs at 1.2344.
  • Overall, GBPUSD is holding on to its recent gains and maintains a bullish tone. The pair has recently cleared a number of resistance points signalling scope for an extension higher.
  • This exposes a move to 1.2401, the Feb 2 high and 1.2448, the Jan 23 high. The latter is a key medium-term resistance.
  • Just M4 Money Supply data on Wednesday as well as FPC meeting minutes. Potential comments from BOE’s Mann later in the day who is due to participate in a panel discussion titled "Inflation and Monetary Policy" at the Annual National Association for Business Economics Economic Policy Conference, in Washington DC.

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