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With the turmoil going on in the financial markets in the recent days, Cable has been one of the currency pairs that remained relatively unaffected. Weekend gap lower was just 40 pips and most of it was closed in an hour or so after the opening, with the rest shortly after the start of the European session.
The pair is trading in relatively tight range between 1.5675 and 1.5775. Should it continue higher it may have hard time to get past the strong resistance in 1.5875 - 1.5925 band. On the downside, any deeper pullback shall not extend below 1.5450 - 1.5500 (50 DMA, 200 DMA, 1.55 level).
The pair is trading in relatively tight range between 1.5675 and 1.5775. Should it continue higher it may have hard time to get past the strong resistance in 1.5875 - 1.5925 band. On the downside, any deeper pullback shall not extend below 1.5450 - 1.5500 (50 DMA, 200 DMA, 1.55 level).
