CABLE spot rates are now trading above the 1.5900 levels. GBPUSD continues to strengthen heading towards the European session into the US sessions a the back of a declining US Dollar currently @93.73 basis point. The upbeat hourly earnings reported on Wednesday followed by a dovish FOMC statement have been the main catalyst for the market's behavior where traders have now tried to take advantage of.
The follow-through price decline on the USD have already been anticipated that would trigger a continuation for an upturn for the European currency majors. With this move, it validates our market call dated June 10 as described below:
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