Throughout October and through to the middle of November, the Cable experienced a slow and steady decline from the long term resistance level at 1.63. This resulted in the Cable trading down to a two month low just below 1.5850 about a month ago. During this decline, the sterling found solid support at a number of levels including 1.60 and more recently at 1.5850. During its strong rally over the last month or so, the Cable has been able to push back towards the key level at 1.60 and move beyond. It ran into the medium term resistance level at 1.6150 a week ago and has since returned back to another significant level ... (full story)