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Free AccessDefies bears for a second session:......>
CABLE TECHS: Defies bears for a second session:
*RES 4: 1.2361 Bear channel resistance drawn off the May 6 high
*RES 3: 1.2220/50 Upper 1.0% 10-dma env / High Jul 31
*RES 2: 1.2210 High Aug 6 and key resistance
*RES 1: 1.2152 High Aug 9
*PRICE: 1.2121 @ 08:05 GMT Aug 16
*SUP 1: 1.2015 Low Aug12
*SUP 2: 1.2000 Psychological round number
*SUP 3: 1.1986 Low Jan 16 2017
*SUP 4: 1.1927 Bear channel base drawn off the May 6 high
Those that read into yesterday's bearish GBP/USD close will have been confounded
by the further rally in the pair Friday morning. Markets took out the 200-hma on
the way higher, keeping focus on the 1.2151/52 resistance levels. For bears to
retake control, they need to take out key support at 1.2015, seen as the
near-term bear trigger. A break would confirm a resumption of the downtrend and
open the psychological 1.2000 level ahead of the 1.1841 post-referendum low.
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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.