Cable is consolidating weak US durable goods order-fuelled gains to fresh 23-month highs just shy of 1.9490, as the market awaits the 15:00GMT disclosure of November's US consumer confidence index. This is forecast to rise to 106.0, from 105.4 in October. US October existing home sales will also be revealed at the top-of-the-hour.
Lots of large payout exotic option barriers reportedly reside at 1.9500, inclusive of a GBP 7mn trigger which is slated to expire a week today (Dec 5). Option-related sell interest is thus expected to emerge ahead of 1.9500. 1.9550 is a bull target north of 1.9500.
As well as being the December 2004 top, 1.9550 also marks the high water-mark since the 2.0100 peak scaled back in September 1992 (pre-Black Wednesday). GBP/USD support points include 1.9470 (yesterday's high), 1.9462 (today's London morning top), 1.9425 (approximate pullback low from 1.9462), and 1.9405 (today's Asian session top).
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