Cable approaches the week’s high of 1.2706
The dollar is just being beaten down across the board as even the kiwi is now trading higher against the greenback on the day. It’s a broad fall once again as all major currencies are rising to their best levels against the dollar today.
For cable, price is now closing in on the Tuesday high of 1.2706. A break above that will open up the way towards 1.2750 next before the 1.2800 handle comes into play. It’s been a tough week for the dollar and it looks like it’ll be a tough end to the year as long as the current theme continues to draw out.
A close above 1.2579 tomorrow would put an end of six straight weeks of decline for cable.