Free Trial

Bearish Outlook Intact *RES 4: 1.3215...>

CABLE TECHS
CABLE TECHS: Bearish Outlook Intact
*RES 4: 1.3215 High Feb 3
*RES 3: 1.3070/75 High Feb 13
*RES 2: 1.3018/26 High Feb 25 / 50-dma
*RES 1: 1.2946 High Feb 27
*PRICE: 1.2789 @ 10:31 GMT Mar 2
*SUP 1: 1.2726 Low Feb 28
*SUP 2: 1.2701 200-dma
*SUP 3: 1.2673 2.0% 10-dma envelope
*SUP 4: 1.2603 Low Oct 15
GBPUSD traded lower again Friday. The pair failed last week to build on the
recovery off the Feb 20 low of 1.2849. The break of this support has instead
reinstated a bearish theme with Cable likely to edge lower near-term. Price
tested the 1.2736 retracement Friday, 50.0% of the Sep - Dec rally. Potential is
seen for a move towards 1.2701, the 200 dma. If this is cleared, it would open
1.2603 and 1.2553. Key short-term resistance is seen at 1.3018, Feb 25 high.

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.