Over the coming months the direction of the USD will
remains key in determining the value of cable. However, sterling
fundamentals have entered an interesting period and we expect them to
offer the pound decent support. The combination of a new BoE governor
and early signs of economic recovery mean that UK fundamentals have
entered into a fresh phase.
The combination of better UK data and the risk that USD strength
could be delayed until late in the year suggests that for the time being
cable remains a buy on dips. Resistance lies at 1.5395/00. Support
comes at 1.5270/90.
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