Free Trial

Bearish below trendline: *RES 4:........>

CABLE TECHS: Bearish below trendline:
*RES 4: 1.2689 76.4% retracement of the decline between Jun 25-Jul 17
*RES 3: 1.2630 61.8% retracement of the decline between Jun 25-Jul 17
*RES 2: 1.2600 High Jul 3
*RES 1: 1.2558/61 High Jul 18 / Trendline drawn off the May 6 high
*PRICE: 1.2457 @ 4:18 GMT July 23
*SUP 1: 1.2427 Low Jul 18
*SUP 2: 1.2382 Low Jul 17 / Multi-year low
*SUP 3: 1.2352/51 1.618% swing of 1.2440-1.2582 / April 2017 low
*SUP 4: 1.2300 Round number support
Cable remains in a downtrend following fresh ytd lows printed last week at
1.2382. Key resistance seen at 1.2582, the high of Jul 15. A break above this
level is required to relieve some bearish pressure and allow for a short-term
corrective bounce. Note this would also result in a break of a trendline drawn
off the May 6 high that intersects at 1.2561 today. Until then, the underlying
trend remains down with the bear trigger at 1.2382. A break opens 1.2351.

To read the full story



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.