Free Trial

Bullish Following Break Of Key Hurdle...>

CABLE TECHS
CABLE TECHS: Bullish Following Break Of Key Hurdle
*RES 4: 1.3018 76.4% December 2019 - March 2020 Decline
*RES 3: 1.2849 High Mar 12
*RES 2: 1.2778 76.4% retracement of the Mar 9 - 20 sell-off
*RES 1: 1.2731 High Jun 5
*PRICE: 1.2696 @ 16:19 BST Jun 8
*SUP 1: 1.2731 Low Jun 5
*SUP 2: 1.2648 High Apr 14 and former key breakout level
*SUP 3: 1.2501 Low Jun 4 and key near-term support
*SUP 4: 1.2479 Low Jun 2
GBPUSD retains a bullish outlook. Last week's gains resulted in a break of and
close above the 50-day EMA. Furthermore, the pair also cleared resistance at the
1.2648 mark, Apr 14 high confirming a resumption of the recovery that started
off the Mar 20 low. This exposes 1.2778, a Fibonacci retracement and the Mar 12
high at 1.2849. Firm support lies at 1.2501, Jun 4 low low. A clear break of the
support would concern bulls.

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.