The Pound could be targeting the 1.3500 round level in June. Exhibit A is the chart below. Notice how after a strong +900 pips rally from the lows the pair is now consolidating. The fact that we're currently quoted less then 200 pips below the highs signals to me that this is just a healthy retracement on the way to more gains. The UK election is coming up soon and that should act as a price catalyst as well.



But what could be our target? The nearest resistance level can be found at the 1.3448 swing high, the peak during September of 2016. This is followed by 1.3480 and of course the 1.3500 round figure. All of these levels will put downward pressure in Cable. I don't think the pair will be able to do more then 600 pips during June anyway so I'm betting on 1.3434. This is a nice target to shoot for, right below the resistance cluster seen on the chart below.

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