FXstreet.com (Barcelona) - After falling to 1.5010 from 1.5085 after the US opening bell, the Cable has begun to rise to reach the 1.5095 and test the 1.5100 resistance level. Currently the pair is trading around 1.5085/95, 0.25% up from 1.5050 today's opening price.
According Greg Holden, analyst at ForexYard, Dollar breaks losing streak: Buying of the Dollar resumed yesterday as equities finished lower and the U.S. economy showed better than expected manufacturing data. Traders are allocating their positions accordingly as the markets prepare to absorb a glut of economic news in the coming days which may create a level of heightened price volatility.
Holden concludes: It seems that the Cable's bullish trend might have reached its end. The daily chart shows that the bullish move which was initiated at the Bollinger Bands' lower boarder, has reached its upper boarder. Also, a bearish cross on the daily chart's Slow Stochastic also suggests that a bearish move is expected. Going short might be the preferable choice today.
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