The British Pound is pushing higher against the US dollar but is trading at a six-month low against the Euro.
Sterling is trading at a one-week high against the US dollar but further tests lie ahead for cable. On Wednesday the latestpolicy decision will be announced, followed by Fed Chair Jerome Powell’s press conference. The US central bank is expected to leave all policy levers untouched but Chair Powell’s post-decision commentary will be closely parsed for any clues on the health of the US economy.
Cable has short-term support between 1.2070 and 1.2090 with a break of the former opening the path to the October 4th low at 1.2038. A cluster of recent highs will see the pair struggle to break 1.2303 in the short-term,The Euro has been strengthening against the British Pound over the last few weeks and has taken out a prior level of channel resistance.is now trading at its highest level since early May and, more importantly, has broken above all three simple moving averages with conviction.
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