Cable approaching 1.48 level by Milan Cutkovic

  • GBP/USD briefly traded at 1.48 earlier; has been rejected and is now back at 1.4788
  • While the UK elections are weighing on GBP sentiment overall, the weak US retail sales release today will make USD longs only more nervous
  • Chances of a further squeeze higher are solid; buying a dip towards former resistance at 1.4720 with a stop around 1.4675 makes sense
  • The next major resistance levels after 1.48 are 1.4920 and then 1.4975/85


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