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Cable surges to the highest since June

Cable extends step ascend into second straight day, extending broader uptrend above former tops (1.2447) and hit new multi-month high on probe through 1.2500 barrier, for the first time since June 2022.

Pound benefited from fresh weakness of the US dollar, as growing optimism continues to fuel risk appetite.

Markets also keep a high percentage of expectations that the Bank of England would deliver a 12th consecutive rate hike in its May policy meeting, although some calmer tones about possibility that the central bank may need to start cutting rates earlier than expect, but this was so far seen as a speculation and had no impact on pound’s near-term performance.

Technical studies keep firm bullish tone on daily chart and continue to support fresh advance, which looks for close above 1.2447 (former tops of Dec 14 / Jan 23) to generate initial signal of bullish continuation.

Additional positive signal has been generated on bullish engulfing pattern on monthly chart, after the action in past four months repeatedly failed to register close below 1.20 level, adding to significance of the support.

Also, fresh rally signaled an end of four-month consolidation and extension of an uptrend from 1.0348 (Sep 26 low), bringing in focus targets at 1.2665 (May 2022 double top); 1.2759 (Fibo 61.8% of 1.4249/1.0348 downtrend) and 1.2791 (100WMA).

Broken barriers at 1.2447 reverted to solid support, which guards rising 10DMA (1.2335), where dips should be contained.

Res: 1.2600; 1.2665; 1.2694; 1.2759
Sup: 1.2500; 1.2447; 1.2335; 1.2290