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Free AccessBulls Maintain Their Hold *RES 4:.......>
CABLE TECHS: Bulls Maintain Their Hold
*RES 4: 1.2838 61.8% retracement of Mar - Sep Decline
*RES 3: 1.2784 High Jun 25
*RES 2: 1.2713 200-DMA
*RES 1: 1.2707 High Oct 11
*PRICE: 1.2620 @ 04:20 GMT Oct 15
*SUP 1: 1.2516 Low Oct 14 / 38.2% retracement of Oct 8 - Oct 11 rally
*SUP 2: 1.2409 Low Oct 11
*SUP 3: 1.2318 76.4% retracement of Oct 8 - Oct 11 rally
*SUP 4: 1.2195 Low Oct 8
GBPUSD recovered off the day low yesterday to maintain the bullish theme
following last weeks sharp rally. The breach Friday of former resistance at
1.2582 is significant as it confirms a broader bullish price structure and
shifts the medium-term outlook in favour of the bull camp, should the rally be
sustained. The pair managed a high print of 1.2707 last week that marks initial
intraday resistance. Scope is seen for a climb towards 1.2784 next.
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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.