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Bearish Focus Remains Intact

CABLE TECHS
  • RES 4: 1.3035 High Sep 10
  • RES 3: 1.3007 High Sep 16 and key near-term resistance
  • RES 2: 1.2934 50- and 20-day EMA
  • RES 1: 1.2867 High Sep 22
  • PRICE: 1.2748 @ 10:34 BST Sep 25
  • SUP 1: 1.2676 Low Sep 23
  • SUP 2: 1.2670 High Jul 9
  • SUP 3: 1.2644 Low Low Jul 22
  • SUP 4: 1.2542 76.4% retracement of the Jun 29 - Sep 1 rally
GBPUSD is consolidating but maintains a bearish outlook. This week's move lower marks an extension of the current bearish run having confirmed a clear break of support at 1.2763, Sep 11 low. Prices have also breached the 61.8% retracement of the Jun 29 - Sep 1 rally at 1.2722. This reinforces bearish conditions and opens 1.2644, Jul 22 low. Key resistance is at 1.3007, Sep 16 high. Initial resistance however resides at 1.2867, Sep 22 high.

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