Free Trial

Firm to Firmer

CABLE TECHS
  • RES 4: 1.3677 76.4% retracement of the 2018 - 2020 Selloff
  • RES 3: 1.3514 High Dec 13, 2019 and a key resistance
  • RES 2: 1.3484 2.0% 10-dma envelope
  • RES 1: 1.3482 High Sep 1
  • PRICE: 1.3448 @ 16:11 BST Sep 1
  • SUP 1: 1.3267 High Aug 19 and former breakout level
  • SUP 2: 1.3186 Low Aug 28
  • SUP 3: 1.3128 20-day EMA
  • SUP 4: 1.3054 Low Aug 24 and the bear trigger

The GBPUSD bull trend remains intact as the pair extends recent gains. Last week's break of former resistance at 1.3267, Aug 19 high, confirmed a resumption of the uptrend that has been in place since the March lows. Price action Friday saw the pair also clear 1.3312, a Fibonacci projection and this has exposed a volatility band resistance at 1.3484. Attention is also on 1.3514, Dec 13, 2019 high. On the downside, 1.3267 marks initial support.

To read the full story

Close

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.