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Bearish Following Trendline Breach

CABLE TECHS
  • RES 4: 1.3319/3403 High Sep 4 / High Sep 2
  • RES 3: 1.3173 High Sep 8
  • RES 2: 1.3035 High Sep 10
  • RES 1: 1.2881 Former trendline support drawn off the Mar 20 low
  • PRICE: 1.2794@ 10:37 BST Sep 11
  • SUP 1: 1.2763 Low Sep 10
  • SUP 2: 1.2722 61.8% retracement of the Jun 29 - Sep 1 rally
  • SUP 3: 1.2670 High Jul 9
  • SUP 4: 1.2644 Low Jul 22

GBPUSD traded sharply lower Thursday and remains weak. Trendline support at 1.2867, drawn off the Mar 20 low, was breached yesterday. Furthermore, the move lower resulted in a break of 1.2867, 50.0% retracement of the Jun 29 - Sep 1 rally. The sell-off reinforces current bearish conditions and paves the way for weakness towards 1.2722, the 61.8% level. On the upside, firm short-term resistance is seen at Thursday's 1.3035 high.

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