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Breaks Monday's Low

CABLE TECHS
  • RES 4: 1.3267 2.0% 10-dma envelope
  • RES 3: 1.3257 Former trendline support drawn off the Mar 20 low
  • RES 2: 1.3177 High Oct 21 and the bull trigger
  • RES 1: 1.3080 High Oct 27
  • PRICE: 1.2970 @ 09:52 GMT Oct 28
  • SUP 1: 1.2940 Low Oct 21
  • SUP 2: 1.2863 Low Oct 14 and key near-term support
  • SUP 3: 1.2806 Low Sep 30
  • SUP 4: 1.2794 76.4% retracement of the Sep 23 - Oct 21 rally

GBP/USD is lower this morning breaking through Monday's 1.2993 low. The break suggests scope for a deeper corrective pullback and brings into focus 1.2940, Oct 21 low. A breach of this support would strengthen a bearish case further and expose 1.2863, Oct 14 low and a key support. Price action has defined initial resistance at 1.3080, Oct 27 high. A move back above this resistance would ease bearish pressure and open 1.3177, Oct 21 high.

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