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28 May 2013
Cable has dipped below 1.5100 the figure
FXstreet.com (London) - After a period of consolidation above the figure from overnight lows 1.5064, the pair has dipped lower to make a session low at 1.5083.
Being light on data this week with mortgage approvals and nationwide house prices the main releases, it is likely to be a range bound play ahead of the key tier 1 data releases next week.
There were some broader consolidation in long dollar positions at the end of last week, so with positioning now lighter, the price action could hold the key levels being 1.5000 and then 1.4832.1.5160 /80 would act as next resistance before the bears might jump on for some cheap dollars in a step descending bear channel.
Being light on data this week with mortgage approvals and nationwide house prices the main releases, it is likely to be a range bound play ahead of the key tier 1 data releases next week.
There were some broader consolidation in long dollar positions at the end of last week, so with positioning now lighter, the price action could hold the key levels being 1.5000 and then 1.4832.1.5160 /80 would act as next resistance before the bears might jump on for some cheap dollars in a step descending bear channel.