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Can Cable Do It?
After a two week period of correction cable appears to be finding a modicum of support at the 1.5600 level. The pair is caught in a flux as the UK economy continues to send mixed messages with Manufacturing sector slowing down to its worst level in 2 years but construction remaining very strong.
Tomorrow the market will get the news from the most important sector in the UK economy -- services. The market is looking for jump to 57.4 from 56.5 the period prior and if the data comes in line or better cable could see a rebound, boosted not only by better economic metrics but by possible risk aversion flows away from the euro ahead of this weekend’s Greek referendum.
Technically if cable can hold these lows then it will maintain a series of higher lows which is a bullish posture for the pair.