February 2, 2023

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Cable gains to fresh highs since late February as buyers keep break above 1.4000

1 min read

GBP/USD hits a session high of 1.4080

GBP/USD D1 10-05
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With the BOE taking its first steps in angling towards tapering last week and the market quickly brushing aside risks of a second Scottish independence referendum, the pound is on a tear to start the new week.

Cable is pretty much odds on to secure a firm break above 1.4000 for the first time since late February and a more vulnerable dollar is helping with the mood too.

From a technical perspective, there isn’t much to dislike with the chart above. There looks to be a clear path towards testing the February highs at 1.4200 from hereon.

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