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Forex: Cable (GBP/USD) Outlook
By Benny Nardino | August 4, 2006
Cable consolidate gains above the 1.8920 mark making new 11-week highs earlier this morning. The yesterday’s rise of 25bp UK rate is continuing to underpin the pair, as is the risk of a Fed rate pause next Tuesday.
Presently, there are speculations on GBP/USD heading towards the yearly high of 1.9026 of May 17th if the July’s US Nonfarm Payroll number fails. On the contrary, above-forecast NFP report could spur pre-weekend profit-taking on long GBP/USD positions. Indicators are still in place for further rise on the hourly chart.
The Sterling-yen, (GBP/JPY) is the only pair with good trading range since the morning opening, (i.e. 1.218.34/1.216.90). All other have been bvery slow with dowsed fire to burn significantly. Remember you don’t have to trade if the fire to trade isn’t there.
Happy Trading
Benny Nardino
Benny…
“A Mentor’s footprint is worth a thousand walk of trailblazing.
Seek the WISDOM of the fore-runners.”
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August 6th, 2006 at 9:00
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