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Choppy And Bounces Off The Day Low

CABLE TECHS
  • RES 4: 1.2280 High Sep 7
  • RES 3: 1.3174 61.8% retracement of the Sep 1 - 23 sell-off
  • RES 2: 1.3163 Former trendline support drawn off the Mar 20 low
  • RES 1: 1.3083 High Oct 12
  • PRICE: 1.3029 @ 18:13 BST Oct 14
  • SUP 1: 1.2863 Low Oct 14
  • SUP 2: 1.2846 Low Oct 7 and key near-term support
  • SUP 3: 1.2806 Low Sep 30
  • SUP 4: 1.2745 Low Sep 28
GBPUSD maintains a choppy tone. The pair recovered Wednesday bouncing sharply off the day low of 1.2863. Price however remains below Tuesday's high of 1.3083. A break of this level is needed to resume the recent uptrend that would open 1.3000 and 1.3163. The latter is the former trendline support drawn off the Mar 20 low. The trendline was breached on Sep 9. A break of 1.3163 is required to strengthen a bullish theme. Initial support is at 1.2863.

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