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Bounces Off The Day Low

CABLE TECHS
  • RES 4: 1.2280 High Sep 7
  • RES 3: 1.3174 61.8% retracement of the Sep 1 - 23 sell-off
  • RES 2: 1.3151 Former trendline support drawn off the Mar 20 low
  • RES 1: 1.3083 High Oct 12
  • PRICE: 1.2930 @ 10:35 BST Oct 14
  • SUP 1: 1.2863 Intraday low
  • SUP 2: 1.2846 Low Oct 7 and key near-term support
  • SUP 3: 1.2806 Low Sep 30
  • SUP 4: 1.2745 Low Sep 28

GBPUSD is choppy this morning, bouncing off the earlier low. Cable traded close to a key resistance at 1.3139 Tuesday. This marks the former trendline support that was breached on Sep 10 and intersects at 1.3151 today While this resistance remains intact, recent gains are likely a correction. A clear breach of 1.3151 would strengthen a bullish argument though. The key support to watch to signal a stronger reversal lower is 1.2846, Oct 7 low.

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