Coming from the fundamental side of the US GDP miss @0.1% have justified and driven the 'Top Heavy" USD Index back to its original levels at the bottom of the charts nearing the 79.33bp line of defense. And the all important price call previously mentioned dated the 11th of April.
Simply having walked thru these numbers, the Reinforced trend of CABLE has indeed provided a reasonable rally to its present high @1.6899; where the 1.6930 is what is being aimed at. While the EURO have renewed its vigor generating a lift from the low @1.3773 before the GDP figures came. And working @1.3866 as of this writing. Patience has indeed played a relatively good role as the current prices had eventually paid-off.
The three(3) successive higher lows as described in our market view analysis dated the 8th of April: Spot Check: GBP EUR AUD vs.USD. This has been attributed to the Cipher3 Trading Analysis which has now been justified. Although, it has been an extended period before the serious follow-through was made, supported by the news today. And have spilled-over to a GBPJPY recovery from its daily corrective move, aligned with the USDJPY currency pair. Of course session drawbacks are expected within the three major markets especially before the end of the trading week.Finally showing their true colors!
Market Update: GBPUSD weekly Chart as of April 30
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