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Forex Trading, Market News & Technical Analysis

Cable Doing a Little Better

Posted by WorldWideMarkets . on Jul 24, 2013 3:30:00 AM
After wallowing for months, cable has gained 3.2 percent in the last two weeks pushing it through resistance at the 14-, 50, and 100-day simple moving averages, currently at 1.5124, 1.5287 and 1.5271. Only the 200-day SMA remains far ahead at 1.5579 with sterling at 1.5382.  It’s still the 24th worst performing currency of the 36 most actively traded pairs against the dollar year-to-date but things are definitely looking up for the pound,  resistance now becomes support. Slightly better data, talk of a tax cut from PM David Cameron and a royal baby hasn’t hurt. cable trading
 

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