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Cable Steady to Firm at 1.6080

Posted by Chris Advincula on Nov 15, 2013 7:35:00 AM

gbp.11.15 resized 600

Chart: WorldWideMarkets Alpha Trader

 

LONDON – Cable made modest gains to the 1.6070 level and remained firm in a consolidation stage between 1.6090 and 1.6050 in 40 pip range against the dollar in Europe. Two days ago, following the encouraging results of the U.K. employment data where the Unemployment Rate fell to 7.6% in October coupled with the positive remarks of the Bank of England Governor Mark Carney where he said that Britain has “one of the strongest recoveries in the advanced world,” the pound is holding up well against both the euro and the dollar.

The Bank of England will publish the minutes of its Nov. 7th meeting on Nov. 20 next week. The central bank kept its key lending rate at a record low of 0.5 percent and maintained its asset purchasing program target at 375 billion pounds.

 

 

Chris Advincula

WorldWideMarkets, Ltd.

Topics: GBPUSD, cable, Bank of England, forex trading, European Session, Fundamental Analysis, Sterling, BOE

 

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