Free Trial

Bearish Break Below 200-DMA GBPUSD......>

CABLE TECHS
CABLE TECHS: Bearish Break Below 200-DMA
GBPUSD broke cleanly below its 200/100-dmas yesterday, taking out the March 11
low to shift the outlook decidedly bearish. At the time of writing, the 50% YTD
retracement is providing some support at 1.2911, with the 61.8% retracement of
the 2016 lows to the 2018 highs at 1.2810 providing the next downside target.
Below here lies the Feb 14 low at 1.2773. Bulls need to recover the 200/100-dmas
at 1.2961/63 to stabilise the outlook while a break back above triangle
resistance at 1.3050 is needed to suggest an upside reversal.

To read the full story

Close

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.