Cable continues to fresh 2-year highs

Sterling continues to impress amongst major FX and GBP/USD has pushed up to a fresh two-year high to start the week. Support at prior resistance looked at late last week has held and bulls are now testing through the 76.4% retracement of the 2021-2022 major move. The 78.6% retracement from that same study plots a little higher, at 1.3414 and that's the next spot of resistance that I'm tracking in the pair.

Making the move more impressive is the fact that, so far, USD has held support while retaining the range that's built over the past month. EUR/USD has so far held lower-highs, with the 2024 high of 1.1200 remaining defended last week at 1.1175 and that's inside of the 2023 high at 1.1275.

GBP/USD continues to be one of the more attractive major FX pairs for USD-weakness scenarios. - js