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Finds Resistance At 1.3083

CABLE TECHS
  • RES 4: 1.2280 High Sep 7
  • RES 3: 1.3174 61.8% retracement of the Sep 1 - 23 sell-off
  • RES 2: 1.3139 Former trendline support drawn off the Mar 20 low
  • RES 1: 1.3083 High Oct 12
  • PRICE: 1.2962 @ 17:54 BST Oct 13
  • SUP 1: 1.2939/31 20- day and 50-day EMA
  • SUP 2: 1.2846 Low Oct 7 and key near-term support
  • SUP 3: 1.2806 Low Sep 30
  • SUP 4: 1.2745 Low Sep 28

GBPUSD maintains a bullish tone although the pair did find resistance Tuesday at 1.3083, Oct 12 high . Tuesday also saw Cable trade close to a key resistance at 1.3139. This marks the former trendline support that was breached on Sep 10. While 1.3139 remains intact, recent gains are likely a correction. A clear breach of 1.3139 is required to strengthen a bullish argument. The key support to watch lies at 1.2846, Oct 7 low.

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