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Bearish Engulfing Reversal Still In Play

CABLE TECHS
  • RES 4: 1.3280 High Sep 7
  • RES 3: 1.3174 61.8% retracement of the Sep 1 - 23 sell-off
  • RES 2: 1.3079 50.0% retracement of the Sep 1 - 23 sell-off
  • RES 1: 1.3007 High Sep 16 and Oct 6 plus key resistance
  • PRICE: 1.2952 @ 05:53 BST Oct 9
  • SUP 1: 1.2846 Low Oct 7
  • SUP 2: 1.2806 Low Sep 30 and key near-term support
  • SUP 3: 1.2745 Low Sep 28
  • SUP 4: 1.2676 Low Sep 23 and the bear trigger

GBPUSD has recovered off recent lows. Despite this, the focus is on Tuesday's price action that highlights a bearish reversal signal. In Japanese candle terms, activity on Oct 6 is an engulfing pattern and signals the end of the recent corrective bounce. A break of 1.2846, Oct 7 low would open 1.2806, Sep 30 low and potentially 1.2676, Sep 23 low. On the upside, key resistance remains 1.3007, a breach would be bullish and alter the picture.

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