Free Trial

Bullish Focus *RES 4: 1.2692 200-dma....>

CABLE TECHS
CABLE TECHS: Bullish Focus
*RES 4: 1.2692 200-dma
*RES 3: 1.2688 High Jun 16
*RES 2: 1.2599 61.8% retracement of the Jun 10 - 29 decline
*RES 1: 1.2530/43 High Jul 2 / High Jun 24 and key near-term resistance
*PRICE: 1.2460 @ 05:58 BST Jul 3
*SUP 1: 1.2360 Low Jul 1
*SUP 2: 1.2252 Low Jun 29
*SUP 3: 1.2250 76.4% retracement of the May 18 - Jun 10 rally
*SUP 4: 1.2167 2.0% 10-dma envelope
GBPUSD's recovery extended Thursday but the pair did find resistance at the day
high of 1.2530. Prices this week topped both the 20- and 50-day EMAs as well as
the 100-dma at 1.2472, keeping a firm outlook intact. The move higher opens
1.2543 next, Jun 24 high and the near-term target. Tuesday's price action was a
bullish engulfing candle and subsequent strength has confirmed this pattern and
a S/T reversal. Key support is 1.2252, Monday's low.

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.