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Bpunces Off Retracement Level

CABLE TECHS

Cable traded lower earlier, breaching former support at 1.2763, Sep 11 low to confirm a resumption of this month's downtrend before bouncing.

  • The recovery has seen the 61.8% retracement of the Jun 29 - Sep 1 rally at 1.2722 hold. Price briefly probed this support with a low print of 1.2713.
  • Bearish pressure is likely to persist though and a break of 1.2713 would see 1.2644 attract next, Jul 22 low.
  • Key resistance is still far off at 1.3007/35. Initial resistance is 1.2865, Sep 17 low.
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