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Finding Resistance Ahead Of 1.3035

CABLE TECHS
  • RES 4: 1.3319/3403 High Sep 4 / High Sep 2
  • RES 3: 1.3173 High Sep 8
  • RES 2: 1.3035 High Sep 10 and key near term resistance
  • RES 1: 1.3007 High Sep 16
  • PRICE: 1.2947 @ 16:49 BST Sep 17
  • SUP 1: 1.2815 Sep 15 low
  • SUP 2: 1.2763 Low Sep 11 and the bear trigger
  • SUP 3: 1.2722 61.8% retracement of the Jun 29 - Sep 1 rally
  • SUP 4: 1.2670 High Jul 9

GBPUSD continues to recoup lost ground but did find resistance Wednesday at 1.3007, which markets failed to test Thursday despite a few erratic rallies. A bearish outlook remains intact. This follows last week's breach of trendline support drawn off the Mar 20 low. The move lower on Sep 10 also resulted in a break of 1.2867, 50.0% retracement of the Jun 29 - Sep 1 rally. The sell-off reinforces bearish conditions and opens 1.2722, the 61.8% level. On the upside, firm short-term resistance is at 1.3035, Sep 10 high.

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