Current Price: 1.9875
Rate has strong sell signal this morning after technical failure on the last rally leaves the rate vulnerable to a sell-off. Lows today supported by the 50 bar MA but stops now likely building in-range between the 1.9830/40 and 1.9780 area as short-term longs place orders. Big stops under the 1.9720/30 area still working and likely to be tested this week. BOE rate cut expectations are high and could get a buy rumor/sell fact rally; close today under the 100 bar MA a good sign for shorts.
Analysis by: Forexpros.com written by Jason Alan Jankovsky
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