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Upside Breakout Turns Cable Bullish

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Pound found a surprising amount of bids in the latter half of the week which led to a break over the important resistance identified last week. Despite a sharp fall in the services PMI and a meek BoE, a weaker US Dollar saw the momentum swing in favour of the pound. We are likely to see a pull back to the support gained, where a larger bullish wave will begin. The Cable has seen a surprising reversal in its fortunes as the US dollar now comes under pressure. The UK services PMI fell

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