Cable rises above 1.30 and hits new 2024 high

Cable surged through psychological 1.30 barrier and hit its highest in one year on Wednesday, after hotter than expected UK June inflation data tempered expectations for first BoE rate cut in next month policy meeting.

Fresh strength after a two-day pause for consolidation signals continuation of broader uptrend however, close above 1.30 level is required to confirm signal and focus targets at 1.3050 and 1.3100/20.

Strongly overbought daily studies warn that bulls may lose traction, with limited dips (ideally to be contained by 1.30 support and not to exceed 1.2940 higher low) to offer better levels to re-enter bullish market.

Res: 1.3050; 1.3100; 1.3120; 1.3141
Sup: 1.3000; 1.2966; 1.2940; 1.2893