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Forex Daily Analysis - Wednesday, Oct 3rd

Currency Daily Update
By Rcpl Forex

Cable plummeted to the levels of 2.0367 yesterday; once again taking support near 38.2% Retracement and 21 Days EMA in the 4-hourly Chart (as seen in the chart above). Despite the weaker Pending Home Sales data of the US yesterday; cable could not sustain at higher levels. Currently cable is trading around 2.0420 levels where the daily & weekly stochastic is overbought and further cable may retrace to the levels of 2.0365 again. Breaking of this level can push cable to the levels of 2.0260.
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