Cable looks like it’s setting up for a break downward. The pair is no longer in an uptrend. The trendline supporting the latest rally has been broken in July. We’re also no longer seeing a sequence of higher highs and higher lows.
During July and August we’ve been in somewhat of a holding pattern. The GBP/USD bounced between 1.53 and 1.58. This is a relatively tight range, especially when compared to the other majors like the EUR/USD and USD/JPY, both of which saw over 700 pips swings during th…
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