Cable jumps as dollar remains under pressure.


The greenback came under renewed selling pressure, and the GBPUSD pair was up 0.8% during the US session, trading at around 1.3450.

The immediate resistance seems to be located in the 1.3500 region, where the current cycle highs are located. If the pair jumps above this level, the initial rally higher might push it toward 1.36. 

From the medium-term perspective, the bullish trend remains intact, with the next key target at 1.40. That price was last seen in April 2018.

On the downside, the major support seems to be at the bullish trend near 1.3170. Cable needs to stay above this line for bulls to be dominant.

From the intraday perspective, the support could be seen at 1.33 as well.

As we have said previously, the greenback continues to bleed amid rising inflation, debt, deficit, and plunging real yields. Therefore, the GBPUSD pair might reach the mid-term target of 1.40 rather soon.
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