Many think of the value of the British pound only in terms of the US dollar, in trading known as cable. Today we are looking at its value as calculated by the Bank of England's trade-weighted index - a basket of the currencies of Britain's main trading partners. Sometimes, it is easier to see whether it is the British currency that is strengthening or if it is the greenback. Steady progress since March 2013, followed by consolidation in a right-angled triangle in the second half of last year, saw it gap higher this week. January has three white soldiers, a bullish signal, suggesting the rally continues to measured targets (based on the height of the triangle) at 91 and eventually 93.
