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(U2) Off Lows, But Still Fragile

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Closing In On Range High

CABLE TECHS
  • RES 4: 1.3312 1.00 proj of Mar 20 - Apr 14 rally from May 18 low
  • RES 3: 1.3284 High Dec 31, 2019
  • RES 2: 1.3200 High Mar 9 and a key resistance
  • RES 1: 1.3186 High Aug 6 and the bull trigger
  • PRICE: 1.3166 @ 10:26 BST Aug 18
  • SUP 1: 1.3049 Low Aug 14
  • SUP 2: 1.2982 Low Aug 4 and bear trigger
  • SUP 3: 1.2945 Low Jul 30
  • SUP 4: 1.2838 Low Jul 28

GBPUSD is firmer in line with general USD weakness and is edging higher towards the top of its recently established range between 1.3186, Aug 6 high and 1.2982, Aug 4 low. Trend signals remain bullish with moving average studies still pointing north. A break of 1.3186 would confirm a resumption of the uptrend and expose 1.3200 and open 1.3284, Dec 31 2019 high. Weakness below 1.2982 is required to signal a deeper correction.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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