Bank of America Merrill Lynch holds the view that Cable is in the process of carving out a medium, potentially long term top and bearish turn lower but in the very near-term BofA doesn't rule out further Cable gains. "That view is likely to take longer than previously thought. This morning’s test of the 1.6824, Feb highs and repeated failure to break 5m channel support (now 1.6578) says that further near term upside is likely," BofA notes. "Indeed the break of 1.6824 should see GBP/USD run to the confluence of long term, pivotal resistance between 1.7167/1.7045 before renewed signs of topping emerge," BofA ... (full story)