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​Sterling rallied against its major counterparts in the European session on Tuesday

2018-07-10 02:05 pm | Resource: NEWS | No Views : 109

Sterling rallied against its major counterparts in the European session on Tuesday amid risk appetite as investors shrugged off trade concerns and looked to a strong quarterly earnings season.

Traders caught up with political unrest in the UK, with the resignation of Foreign Minister Boris Johnson and British Foreign Secretary David Davis putting the British government in a state of chaos.

The cable rose to 1.3301 against the US dollar from a low of 1.3224 at 2:15 pm Eastern Time. The cable is likely to find resistance around 1.34.

The British currency advanced to 147.77 against the yen, the strongest since June 14. GBP sees resistance around 149.00.

The pound rose to 1.3194 against the Swiss franc, from an early low of 1.3125. The next potential resistance for the GBP is around 1.33.

And slipped from an early low of 0.8875 against the euro, to 0.8828. If the pound continues to rise, 0.87 is likely to be seen as the next resistance level.

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Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 22 February 2019

Time frame Used - four hours The USD/JPY is moving in a sideway direction in the near term. The USD/JPY is still facing resistance and selling pressure around levels of  111.42 - 110.92 as the USD/JPY is floating in a narrow range and the USD/JPY is moving above the Bollinger's moving average line within the narrow range, indicating a potential price explosion but Not yet determined in any direction. In…

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