GBPUSD makes a new high as it reverses retail sales losses
The fade trade was the one to go with as cable briefly pokes over the 1.3940 highs to hit 1.3945. The number was worse than expected but as the market was leaning that way anyway, and retails can be volatile, there wasn’t much appetite to push it lower, and support at the 1.3900 was enough to rebuff.
I got in my long at 1.3905 and took half off at 1.3938 as the high failed. I’ll nurse the rest with a stop under 1.3880. We’re back down to 1.3921 as I type and the resistance into 1.3950 is looking quite strong.
In the wider picture, 1.3973 is still the big number, being the 38.2 fib of the 2014 drop.
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