Near the end of yesterday’s North American session, I expressed that cable take another stab at the lows before moving higher. However, during the Asian session, the GBPUSD has been pivoting around the key 1.5750 large quarter point level instead of moving lower as expected. The 8hr candle close above that level signals that cable may, in fact, be done with the lows and move higher in today’s session.
Bulls target 1.5820 then 1.5900 before the major psychological level of 1.6000. Bottom line: GBPUSD maintains its bullish bias.