Participant

Cable closed the week on a high and rebounded from a 3 week downward retracement from its previous peak. Price bounced on the 38.2% line and the top side of the Ichimoku cloud yesterday and closed past the body of Thursday’s candle creating a 3 day bullish pattern. The next resistance will be at 1.56069 if that breaks then the next resistance level will be at is previous high at 1.59251.
The stochastic Oscillator is in well oversold territory meaning there might be more room for the bounce off the 38.2 line to continue. Next week the most important data to watch for the GBP is CPI out on Tuesday and Unemployment out on Wednesday. In the USA Retail sales Tuesday, Capacity Utilization, Industrial Production and PPI on Wednesday, Yellen speaks to Congress on Thursday which could give some valuable info as to language used, although it would seem a hike is likely before end of 2015 and CPI on Friday.

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