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Cable runs out of Steam

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Pound came under pressure during the week thanks to a disappointing fall in UK GDP figures. Strength was found in the pair towards the end of the week but it has now run out of steam as it hits the bearish trend line at the 100 day MA. UK GDP fell from 0.7% to 0.5% q/q which was a big disappointment for the market which had been expecting 0.6%. That led to heavy selling in the pound which was compounded by bullishness in the US dollar. The US Federal reserve ensured the pair extended to a

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