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Free AccessCandle Patterns A Concern For Bulls.....>
CABLE TECHS: Candle Patterns A Concern For Bulls
*RES 4: 1.3018 76.4% December 2019 - March 2020 Decline
*RES 3: 1.2849 High Mar 12
*RES 2: 1.2813 High Jun 10 and the bull trigger
*RES 1: 1.2755 High Jun 11
*PRICE: 1.2531 @ 16:53 BST Jun 12
*SUP 1: 1.2520 Low Jun 12
*SUP 2: 1.2501 Low Jun 4 and key near-term support
*SUP 3: 1.2452 50-day EMA
*SUP 4: 1.2322 Low Jun 1
GBPUSD's bullish outlook paused across Thursday and Friday, but key supports
remain intact. While they do, a bullish theme dominates following last week's
gains and break of 1.2648, Apr 14 high. This confirmed a resumption of the
recovery that started on Mar 20. Firm support lies at 1.2501, Jun 4 low. A
warning for bulls, Thursday's price action in candle terms is a bearish
engulfing. A break of support at 1.2501 would reinforce this threat.
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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.