Source: ForexYard
Cable had some interesting price action yesterday as the daily candlestick formed an outside day up, a bullish candlestick formation.
Yesterday’s daily low of 1.5875 fell below the previous day’s low and coincides with the 55-day moving average, a technical level the GBP/USD has failed to close under for the last two weeks. The daily high from yesterday at 1.6060 peaked above Wednesday’s high completing the bullish candlestick formation and puts the October 31st resistance at 1.6165 into play.
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