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In another bout of USD weakness today, Cable rallied strongly, adding nearly 200 pips from the European low (~1.5370). It broke Previous Week High (~1.5440) and 200 DMA (~1.5505) in the process. While it will most certainly close above the former, the latter is still being fought for. Though daily closes are not as important as weekly.
Relative to the price action from the past several days, the rally appears somewhat overdone and the pullback to 1.54 will likely be needed before continuing up. But if the pair wants to catch up on Euro gains, it may well skip the pullback and find itself testing 1.57 much sooner.
Relative to the price action from the past several days, the rally appears somewhat overdone and the pullback to 1.54 will likely be needed before continuing up. But if the pair wants to catch up on Euro gains, it may well skip the pullback and find itself testing 1.57 much sooner.
