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GBP/USD had its first daily advance on Wednesday after six down days. “Cable” rebounded from the 50-day moving average where support was forming a solid floor.

Cable is resting at the support of the 50-day moving average after experiencing six days of modest falls. It is maintaining its position within the upward (though choppy) rising channel.

The US dollar was off by nearly one percent against a basket of currencies today. The benchmark index which measures the value of the greenback against six major trading currencies dropped to 97.4 reversing a six day rally.

The rally in GBP/USD has waned over the past few days after reaching a high of 1.5677. Markets had already discounted hawkish comments from the Bank of England’s chief Mark Carney last week.

EUR/USD was range bound throughout the session with a lack of news to influence a push in either direction. Several upswings mid-session failed to extend outside of the range.

Cable experienced a choppy session but overall was little changed on the day. GBP/USD dropped to support at 1.5557 early on but later recovered to its previous level.

GBP/USD resumed its upward trend today even though there was some disappointing data on the UK economy. Unemployment levels increased unexpectedly in June by rising to 5.6% up from 5.5%.

Cable jumped as high as 1.5634 before falling back below 1.56 but the move placed the market firmly within an upwards channel again. Disappointing retail sales data from the US also acted as a tailwind by dampening sentient towards the dollar.

The US dollar was stronger on upbeat consumer data and on the back of an exodus of funds away from the euro and the yen. Markets were also bullish ahead of tomorrow’s retail sales figures.

Cable had its strongest day in nearly three weeks ending the week at 1.5507. GBP/USD began a steep recover early in Friday’s session reaching an intraday high of 1.5545.