Cable eyes resistance at 1.6671, 1.6715

Source: www.forexlive.com

Cable remains on a tear with a global recovery helping lift the worst of the worst (except for the dollar) as prospects brighten going forward. Talk of a major resuffling of the UK cabinet is not impacting the currency despite talk that Chancellor Darling could be on the chopping block. Hanging overhead is a zone of resistance between 1.6671 and 1.6715. Given the wildly overbought technical condition of cable, this is a logical level for the rally to consolidate. But as a wise man once said, the market can remain irrational for longer than you can remain solvent, so don’t fade this trend.


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