Free Trial

Bearish outlook remains: *RES 4:........>

CABLE TECHS: Bearish outlook remains:
*RES 4: 1.2450/60 Trendline off May 6 high/High Jul 26
*RES 3: 1.2382 Low Jul 17
*RES 2: 1.2250 High Jul 31
*RES 1: 1.2188 High 5 Aug
*PRICE: 1.2151 @ 02:24 GMT Aug 06
*SUP 1: 1.2080 Cycle low
*SUP 2: 1.2016 Bear channel base drawn off the May 6 high
*SUP 3: 1.2000 Psychological round number
*SUP 4: 1.1986 Low Jan 16 2017
The underlying bearish tone remains intact with immediate focus on last
Thursday's low at 1.2080, ahead of the psychological 1.20 level and
post-referendum lows at 1.1841. Yesterday's, high provides the initial point of
resistance, while a break of trendline resistance drawn off the May 6 high at
1.2450 is required to change the short-term outlook.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

To read the full story



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.