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From : FX Daily Hotline: 2 July 2015
Chart of the day: 'Bull trap' by Cable

 

The US Dollar dominates the 'Gainers' board.  Although the British Pound is not listed here, the pattern warrants a mention.  Sterling extended its correction from the overbought June high (US$1.5930) on Wednesday.  The graph also shows the rate recently falling back beneath the May ceiling near US$1.5800.  This gives rise to 'bull trap' fears for lower levels over the near term, towards next chart support around US$1.5200, though there is potential support near US$1.5500 from the 50 and 200-day Moving Averages.

 






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