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Consolidating But Remains Bearish

CABLE TECHS
  • RES 4: 1.3035 High Sep 10
  • RES 3: 1.3007 High Sep 16 and key near-term resistance
  • RES 2: 1.2916/26 20- and 50-day EMA
  • RES 1: 1.2867 High Sep 22
  • PRICE: 1.2772 @ 05:46 BST Sep 28
  • SUP 1: 1.2676 Low Sep 23 and the bear trigger
  • SUP 2: 1.2670 High Jul 9
  • SUP 3: 1.2644 Low Low Jul 22
  • SUP 4: 1.2542 76.4% retracement of the Jun 29 - Sep 1 rally

GBPUSD continues to consolidate. A bearish theme remains intact though. Recent weakness marks an extension of the current bearish run with support at 1.2763, Sep 11 low breached. Prices have also traded below the 61.8% retracement of the Jun 29 - Sep 1 rally at 1.2722. This reinforces bearish conditions and opens 1.2644, Jul 22 low. Key resistance is at 1.3007, Sep 16 high. Initial resistance however resides at 1.2867, Sep 22 high.

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