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Extends Gains

CABLE TECHS
  • RES 4: 1.3079 50.0% retracement of the Sep 1 - 23 sell-off
  • RES 3: 1.3045 Former trendline support drawn off the Mar 20 low
  • RES 2: 1.3007 High Sep 16 and key near-term resistance
  • RES 1: 1.2984 38.2% retracement of the Sep 1 - 23 sell-off
  • PRICE: 1.2939 @ 05:47 BST Oct 1
  • SUP 1: 1.2806 Low Sep 30
  • SUP 2: 1.2745 Low Sep 28
  • SUP 3: 1.2676 Low Sep 23 and the bear trigger
  • SUP 4: 1.2670 High Jul 9

GBPUSD inched higher Monday to trade just above the Monday high at 1.2930. This extends recent gains and does signal potential for a continuation higher. The 20-and 50-day EMAs are under pressure and a clear breach of these averages would strengthen a short-term bullish argument. This would open 1.2984, a retracement level and 1.3007, Sep 16 high. Key support is at 1.2676, Sep 23 low. Initial support is seen at 1.2806.

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