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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: 1.2893 Former trendline support drawn off the Mar 20 low
  • PRICE: 1.2786@ 17:03 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 remains weak. Trendline support at 1.2867, drawn off the Mar 20 low, was breached last week. Furthermore, the move lower on Sep 10 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 1.3035, Sep 10 high.

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