Cable has posted a series of lower monthly highs this year

GBP/USD traded a similar series between June-Dec 2021

Full extent of that decline is 1.4250-1.2973, 1.3749 high in 2022

Recent rebounds reflect the importance of 1.3000 for hedging

Effectively support is holding with GBP afforded support as BOE hikes

Pressure from faster and larger extent of U.S hikes should cap cable

Ranges within monthly Ichimoku cloud may develop (1.2680-1.3326)

Later this year a drop for cloud base may allow for ranges to fall too

Monthly cloud 1.2455-1.2895 in Dec when rate gap may be 1% fav USD

There is big scope for GBP to rise vs EUR nL2N2WC0JJ