Cable has rallied through 1.9470 offers to new 23-month highs just shy of 1.9490 on the back of the much bigger-than-expected 8.3% decline in US October durable goods orders. Further sell interest is expected to emerge ahead of 1.9500, inclusive of option-related orders.
Exotic option barriers, carrying a cumulatively estimated payout of at least GBP 12mn, reside at 1.9500. Touted bull targets north of 1.9500 include 1.9550 (Dec 2004, 12-year high), and 1.9600. 1.9470 is now a pullback support point.
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