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Free AccessErratic in the Range *RES 3: 1.3422.....>
CABLE TECHS: Erratic in the Range
*RES 3: 1.3422 High Dec 16
*RES 2: 1.3338 High Dec 17
*RES 1: 1.3281/84 61.8% of the Dec 13 - Dec 23 decline / Dec 31 high
*PRICE: 1.3146 @ 16:32 GMT Jan 2
*SUP 1: 1.3066 Low Dec 30
*SUP 2: 1.2969 Low Dec 27
*SUP 3: 1.2905 Low Dec 23 and key support
GBPUSD inched lower throughout the Thursday session, eating away at the gains
posted in the last trading session of 2019. Nonetheless, the over-arching
outlook remains firm after the clearance of key resistance at 1.3134, the Dec 18
high, signalling scope for a stronger recovery. Thus far, price action has
stalled at 1.3281, 61.8% of the Dec 13 - Dec 23 decline. A clear breach of this
level would open the recent highs of 1.3514, Dec 13 high. Key support for now is
1.2905, a break is needed to resume the recent bearish pressure. Initial support
is at 1.3066.
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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.