The bulls have been consistent in their support of Cable. After a couple of corrective days, a bullish outside day (a move below the previous low only to rally back to close above the previous high) has been formed which is a positive candle reflecting the appetite to support Cable. Daily momentum indicators are still positive, whilst the rising 21 day moving average which is shadowing the move higher is now at $1.5270. However the bulls still need to not become complacent. The intraday chart shows there was a dip yesterday which went below the 200 hour moving average which has been a good basis of support for the uptrend. The intraday move also went slightly further into the support than was comfortable. I am still of the opinion that whilst Cable trades above $1.5300 the outlook remains positive. There needs to also be a continued move above $1.5485 soon in order to prevent the bull run from becoming stale. The overnight drift lower has been supported and there is a good chance of further gains today.
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