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Cable is still showing a good intraday chart pattern at the moment as the USD keeps up the steady trickle lower as stocks and oil trade near day highs.
There"s the risk things change before too long, though. The most recent pull-back low to 1.4100 was very close to where the last pull-back was before the day highs. That means we could be seeing a head-and-shoulders top forming on the hourly chart. In other words, if 1.4100 is broken, GBP/USD probably slips back below 1.4050 in relatively short order.
With both the BoE and ECB set to announce interest rate decisions on Thursday, we can see the direction start to bleed out of both sterling and the euro in the near term. The way the USD is going, that would be cable-positive.
Cable is still showing a good intraday chart pattern at the moment as the USD keeps up the steady trickle lower as stocks and oil trade near day highs.
There"s the risk things change before too long, though. The most recent pull-back low to 1.4100 was very close to where the last pull-back was before the day highs. That means we could be seeing a head-and-shoulders top forming on the hourly chart. In other words, if 1.4100 is broken, GBP/USD probably slips back below 1.4050 in relatively short order.
With both the BoE and ECB set to announce interest rate decisions on Thursday, we can see the direction start to bleed out of both sterling and the euro in the near term. The way the USD is going, that would be cable-positive.
Cable is still showing a good intraday chart pattern at the moment as the USD keeps up the steady trickle lower as stocks and oil trade near day highs.
There"s the risk things change before too long, though. The most recent pull-back low to 1.4100 was very close to where the last pull-back was before the day highs. That means we could be seeing a head-and-shoulders top forming on the hourly chart. In other words, if 1.4100 is broken, GBP/USD probably slips back below 1.4050 in relatively short order.
With both the BoE and ECB set to announce interest rate decisions on Thursday, we can see the direction start to bleed out of both sterling and the euro in the near term. The way the USD is going, that would be cable-positive.
Cable is still showing a good intraday chart pattern at the moment as the USD keeps up the steady trickle lower as stocks and oil trade near day highs.
There"s the risk things change before too long, though. The most recent pull-back low to 1.4100 was very close to where the last pull-back was before the day highs. That means we could be seeing a head-and-shoulders top forming on the hourly chart. In other words, if 1.4100 is broken, GBP/USD probably slips back below 1.4050 in relatively short order.
With both the BoE and ECB set to announce interest rate decisions on Thursday, we can see the direction start to bleed out of both sterling and the euro in the near term. The way the USD is going, that would be cable-positive.
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