Pair's bullish closing above 160.41 (23.6% of 188.81-151.64) yesterday followed by a rebound from the same today means the inverse head and shoulder neckline at around 162.20 stands exposed.
As mentioned in the GBP/USD Outlook, the pair has breached the long-term falling trend line on closing basis yesterday. Hence, there is every possibility Cable would rise, taking the cross higher with itself.
The other side of the story..i.e Yenis also in support of further rally in cross, given the hawkish Fed minutes and rise in June rate hike minutes is likely to hurt Yen more than GBP.
The only risk to the outlook is return of Brexit fears. As of now, markets aren't concerned about Brexit.
As mentioned in the GBP/USD Outlook, the pair has breached the long-term falling trend line on closing basis yesterday. Hence, there is every possibility Cable would rise, taking the cross higher with itself.
The other side of the story..i.e Yenis also in support of further rally in cross, given the hawkish Fed minutes and rise in June rate hike minutes is likely to hurt Yen more than GBP.
The only risk to the outlook is return of Brexit fears. As of now, markets aren't concerned about Brexit.
