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Corrective Pullback

CABLE TECHS
  • RES 4: 1.3292 76.4% retracement of the Sep 1 - 23 sell-off
  • RES 3: 1.3260 2.0% 10-dma envelope
  • RES 2: 1.3233 Former trendline support drawn off the Mar 20 low
  • RES 1: 1.3177 High Oct 21
  • PRICE: 1.3100 @ 10:26 BST Oct 23
  • SUP 1: 1.3025 High Oct 19
  • SUP 2: 1.2940 Low Oct 21
  • SUP 3: 1.2863 Low Oct 14 and key near-term support
  • SUP 4: 1.2806 Low Sep 30
GBPUSD is off recent highs. This week's gains reinforced the near-term bullish tone. The pair rallied sharply Wednesday breaching 1.3083, Oct 12 high. This confirmed a resumption of the upleg that started on Sep 23. Attention is on 1.3233, the former trendline support drawn off the Mar 20 low. The trendline was breached on Sep 9 and a return above it is required to strengthen a bullish theme. Firm support is at 1.2940, Oct 21 low.

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