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Free AccessAbove the channel top: *RES 4: 1.2382...>
CABLE TECHS: Above the channel top:
*RES 4: 1.2382 Low Jul 17
*RES 3: 1.2307/19 50-dma / 1.0% 10-dma envelope
*RES 2: 1.2310 High Aug 27 and key resistance
*RES 1: 1.2259 Intraday High
*PRICE: 1.2240 @ 04:01 GMT Sep 5
*SUP 1: 1.2205 Former channel top-now-support
*SUP 2: 1,2079 Low Sep 4
*SUP 3: 1.1959 Cycle low Sep 3
*SUP 4: 1.1948 10-dma 2% envelope
GBPUSD rallied impressively yesterday resulting in a break of the bear channel
top at 1.2216. This reinforces recent bullish signals. In candle terms, Tuesday
marked a hammer reversal. This was potentially important given that bullish
divergence between price and momentum is developing. The next piece to this
developing bullish puzzle, will be a break of 1.2310, the high of Aug 28.
Clearance would confirm a reversal. First support lies at 1.2079.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.