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Majors review ahead of Fed meeting
The more a currency pair tracks sideways, the more the breakout will be large and we get range expansion, often in line with the existing long-term trend. Cable is marginally weaker today with the UK’s four-week delay to the grand reopening well-telegraphed. With most major businesses already open, the effect should only concern the headline writers. Buy the rumour, sell the fact? (or sell rumour, buy the fact in this case…) The Fed meeting on Wednesday will have a major sway on where cable goes with any hawkish hints / more prominent taper talk pushing the pair lower and through the potential recent range bottom ... (full story)