Technical Outlook

Sterling slumps after weak UK data and upbeat US figures

Cable extends weakness in the US session on Friday after being hit by weak US retail sales data that added to expectations of rate cut at the end of rge month’s BoE policy meeting, with additional pressure from upbeat US housing data (housing starts Dec 16.9% vs 2.6% prev, the highest in 13 years) that inflated dollar. Fresh weakness tests again…
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Firm tone ahead of UK retail sales data release

Cable ticked higher in early Friday’s trading and hit one-week high (1.3099) in extension of rally in past three days ahead of release of UK retail sales data. Fresh recovery is underpinned by rising daily cloud which contained pullback from 1.3284 (31 Dec high) and probes above important 200WMA (1.3066) with weekly close above required to…
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