Cable is a lesson in waiting for confirmation of a breakout. The initial move above $$1.5670 came yesterday afternoon on little fundamental reason in front of the key FOMC decision. For me it did not feel right and within minutes a turnaround from a peak of $1.5690 before further correction induces by the FOMC statement. This has left an almost shooting star candlestick (which is corrective) and in effect the range play continues. The daily chart shows little real change with the momentum indicators showing a slightly positive skew but lacking the conviction. The hourly chart shows an attempted breakout which has been dragged lower again. That is not to say that the bulls have been completely banished. There has been no really corrective signal yet, with the retreat into the initial support $1.5570/$1.5585 holding. It is in effect, as you were really, with the FOMC not really adding a great deal, the range play continues. The mixed signals on the daily chart suggest still a lack of any conviction either way. Initial support comes in further lower at $1.5525.
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