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Sterling Leads Dollar Recovery
The inability of the Tory Party to secure a parliamentary majority spurred a sharp decline in sterling. It helped complete a topping pattern that we had been tracking. Sterling had recovered smartly since dipping below $1.20 in mid-January. The rally stalled in front of $1.3055, which is the 38.2% retracement of the losses suffered since the UK referendum a year ago. More recently, it has appreciated this month ahead of election. It reached the high while the British people were going to the polls on June 8 near $1.2980. Sterling carved a potential head and shoulders topping pattern. The left shoulder was shaped in ... (full story)
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