GBP/USD approaching trendline resistance

Cable is heading towards the descending trendline from last week’s highs. Should it break above it, not much resistance seen until the 1.57 level. No specific reason for the GBP short covering this morning, it is rather a result of general USD weakness and short-term positioning in Cable being a bit crowded. We definitely will need a clear break & daily close above 1.57 to reverse the short-term trend, so I will be looking at that level and price around it for clues whether the downtrend will resume or if we could see a larger retracement, possibly back to 1.5820.

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