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Cable’s drop to a new low last week occurred in only three waves from 1.3044, suggesting it’s likely part of wave “b” in a complex correction. Therefore, we are looking for a potential flat formation here in wave B, with resistance possibly at the 1.3044 to 1.31 area. We think there is a chance for […]

The post Cable Moving into Resistance Ahead of BoE appeared first on Action Forex.

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31/01/2024

Anything Less Than Mind-Blowing is Meh

We had good news, bad news and news that are fundamentally good for the economy and bad for the global rate cut expectations. Good news. The European economies performed better than expected last quarter. Spanish and Italian growth tempered the German contraction, fueled the idea that the Eurozone is also having a lighter version of […]
17/12/2024

Dollar Index Outlook: Prolonged High Fed Rates Expected to Boost Dollar

The dollar index firmed in early Tuesday trading and pressuring the peaks of recovery leg from 105.37 (Dec 6 low). Although last Fri/Mon action was shaped in Doji candles and signaled indecision, this was likely a consolidation before recovery resumes. Fresh bulls probe through cracked Fibo barrier at 106.71 (50% retracement of 108.04/105.37 pullback) with […]
28/10/2024

GBP/AUD and GBP/NZD Pairs Step Into Final Leg of a Recovery

GBPAUD pair is now breaking out of a projected bullish abcde running triangle pattern. And, because of a break out of a triangle, it means it’s breaking ouf wave (b) into a wave (c) of a corrective recovery, but there can be still space up to around 1,97 area before it finds the resistance. GBPAUD […]