Cable continues through 1.14 after breaking Friday’s high | Forexlive

What a start to the week for cable.

The market desperately wanted to see an improvement in gilts and Jeremy Hunt completed the u-turn. In addition, the pension selling in gilts appears to be largely over and/or contained.

In light of that, 30-year gilt yields are down 45 bps today to 4.33% and the pound is up 250 pips. The two-hour chart is instructive and highlights that 1.1500 is the real line in the sand that needs to give way if the bulls are to get the upper hand. For now it’s a squeeze.