The pound sterling on the rise, reached 1.7005, is a double top in forming???

[RTFX-Trading]

The pound sterling on the rise, reached 1.7005, is a double top in forming???

Activity in the UK Services sector has increased more than expected in July, up to 53.2, highest since February. Industrial production is also increasing, +0.50% in June, its biggest increase since October 2007. These figures should support Bank of England’s decision not to extend its program of acquisitions of assets in excess of £ 125 billion already announced.

The pound sterling was up 0.40% against its major rivals, trading at 1.6978 against the Dollar after reaching even higher than yesterday at 1.7005. The 1.7000 area is very important; there is a series of sell orders above 1.7000. A trader and friend pointed out a series of seller’s stop orders below 1.6880.



Nicolas Longchamp
RTFX Ltd
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