Free Trial

Broader downtrend intact: *RES 4:.......>

CABLE TECHS: Broader downtrend intact:
*RES 4: 1.2689 76.4% retracement of the decline between Jun 25-Jul 17
*RES 3: 1.2630 61.8% retracement of the decline between Jun 25-Jul 17
*RES 2: 1.2600 High Jul 3
*RES 1: 1.2558 High Jul 18
*PRICE: 1.2546 @ 04:13 GMT July 19
*SUP 1: 1.2422 Low Jul 18
*SUP 2: 1.2382 Low Jul 17 / Multi-year low
*SUP 3: 1.2352/51 1.618% swing of 1.2440-1.2582 / April 2017 low
*SUP 4: 1.2272 3% Lower Bollinger Band
The GBPUSD recovery gained traction through yesterday's session on solid UK
Retail Sales data and a broadly weaker USD. Despite these recent gains, Cable
remains locked in its longer-term downtrend and will need a positive break and
close above 1.2582 to negate the current bearish threat. The Jul 18 low of
1.2427 provides near-term support, ahead of the multi-year lows at 1.2382.

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.