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The Cable has stabilized nicely after Friday's sizable selloff. The GBP/USD has popped back above its psychological 1.65 level and 11/12 lows as the currency pair benefits from a positive wave of EU and U.S. econ data. The set of Flash EU PMI data and U.S. Existing Home Sales came in altogether positive, and the S&P futures have responded by knocking on the door of previous 2009 highs. Meanwhile, gold has surged beyond its psychological $1150 level and is trading around $1170/oz at the moment. Hence, the Cable's correlative forces are helping buoy the currency pair after testing our 2nd tier uptrend line. Our 2nd tier uptrend line carries some weight since it runs through previous November lows. Therefore, a failure of our 2nd tier could imply a more extensive retracement towards 1.63. However, today's strength in the Cable has created some breathing room and now has multiple uptrend lines serving as technical cushions along with the psychological 1.65 level once again. As for the topside, the GBP/USD still faces multiple downtrend lines 10/23 and 11/18 highs. Hence, the Cable seems to have its work cut out for it to the topside.
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