Cable recovers after pull-back | 08 November 2013
08 November 2013, GBP/USD
Cable has recovered after pulling back temporarily yesterday following the volatile reaction to central bank news. It didn't break down below the 45° trend-line, however, so the short-term up-trend remained intact. It has now clawed its way back up and I would expected it to continue higher, rising up to the range highs eventually at 162525 as the short-term up-side bias continues to assert itself. For confirmation a move above the current highs at 1.61175 would be a useful sign. The pair is currently underpinned by quite a lot of technical support adding further weight to the bullish perspective.
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