In the US session, cable took its direction from moves in EUR/USD, where GBP/USD advanced to 1.5736 before pulling back to 1.5667 in Asian trade. Price action in cable will be down to two factors in the short to medium term. Firstly, GBP/USD will take its cues from risk appetite, most likely disseminating out of Europe, and secondly, the technicals as there is little, if any economic data to focus on in the UK. Having broken and closed above downtrend resistance drawn from the August 19 high, which contained rallies at least five times through October and November at 1.5635, this level should come in as handy support for sterling bulls. On the other hand, the November 30 high of 1.5782 has been a level GBP/USD simply cannot break, with traders selling on December 8 and 12. It would be positive to see the pair break and close above this level. Stan Shamu, Australia