- Sterling held onto broad gains on Wednesday, Hawkish Miles steer lent further support
- GBP/USD had reached a seven-week high of $1.5717 in Tuesday’s trade, before paring some gains to close at 1.5655
- Hawkish Miles steer today lent further support, outgoing MPC member said UK rates will rise “pretty soon”
- Cable higher on the day, trades at 1.5679, 1.5686 = high water-mark for cable since 1.5645 (pullback low from 1.5717)
- Due ahead in the day are minutes from July FOMC meeting due 1800GMT, US CPI data due 1230GMT
- Hourly techs show scope for further gains, good bounce from the 30 DMA last session favors long trade
Resistance levels:R1: 1.5717 (Daily High Aug 18)R2: 1.5739 (Daily High Jul 1)R3: 1.5775 (Daily High Jun 30)R4: 1.5789 (Daily High Jun 29)Support Levels:S1: 1.5570 (Converged Tenkan and Kijun lines)S2: 1.5579 (30 DMA)S3: 1.5563 (Daily Low Aug 18)S4: 1.5535 (Daily Low Aug 12)
The material has been provided by InstaForex Company – www.instaforex.com