Technical Analysis

Cable stalls out ahead of 1.2385 once again

Cable makes a series of lower highs

I don’t like the look of this short-term chart. Cable has now tried three times to get above the 1.2385 level and has made a series of lower highs.

In the bigger picture, the pound chart is looking solid as it rebounds from 1.20. But the latest push has stalled at the mid-July low of 1.2382. That’s not a huge barrier but it might inspire some caution, especially with politicians going on a break.

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