Technical Outlook

Better than expected UK CPI lifts cable further

Cable rises to new one-week high on Wednesday, as better than expected UK CPI figures in October added to pair’s positive near-term tone. Fresh advance from 1.3106/09 higher base (12/13 Nov) extends into fourth day and pressures key obstacles at 1.3291/1.3311 (Fibo 76.4% of 1.3482/1.2675 / 11 Nov high). Break here to signal continuation of larger…
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Break of 104 handle exposes key support at 103.18

Bear-leg from 105.67 peak (11 Nov) extends into fifth straight day and broke through significant supports at 104.13/00 (Fibo 61.8% of 103.17/105.67 round-figure) in early Wednesday’s trading. The dollar remains under strong pressure on fresh wave of risk appetite, inflated by hopes for coronavirus vaccine, but tempered by fears of further…
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