Analyst
The Cable surrendered more ground to the common currency in Yesterday's session in continuation of the recent downward trajectory on the pair. The Cable has benefitted immensely from the declining cases of COVID-19 cases in the UK, although the gains has been limited by the dovish stance of the Bank of England.
The instrument got rejected around the 0.84535 support region, followed by a bullish engulfing candle which has been confirmed on the hourly timeframe. This favour the bulls on the pair, with a target at 0.85072 and stop-loss at 0.84433.
No major economic data is scheduled to be released today
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