The cable has been grinding in an upward fashion as a result of the recent channel that formed in January. The last two days have confirmed that bottom line, yet haven’t looked all that bullish. This could be a cause for concern; however the support at 1.61 should be there to catch any fall in this pair.
The ultimate destination for cable is 1.70, but that is a long way off. Any longs should be prepared to wait for your profits. This pair is going to move slightly higher, albeit at a snail’s pace for the foreseeable future.
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