Cable had a great run as it rose in the last seven out of eight days. It shrugged off weak inflation report, but the labour market report (particularly wages data) and hawkish BOE sent it higher in yesterday's European session. The gains were compounded after the Fed offered too little for the Dollar bulls.

Next resistance may come in between 1.5870 and 1.5900 (200 WMA, 50.0% retracement of July 2014 to April 2015 decline, 1.59 level) before stronger into 1.60. Broken 1.58 level shall now act as a decent initial support.

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