Free Trial

Bears Force Break Of Initial Support In Cable

GBP

The softer than expected UK CPI readings knock cable lower, with lows of $1.2334 seen, before a recovery to the $1.2350 area.

  • Bears have forced a breach of $1.2369, the Jun 5 low, which exposes $1.2308, the May 25 low and a key support. On the upside, initial firm resistance is seen at $1.2548, the Sep 11 high. Short-term gains would be considered corrective.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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.