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BRAZIL

COPOM Decision In Focus

MNI EXCLUSIVE

Prospects For Major Shake-Up Of Italy's Tax System

Firmer But Resistance Remains Intact

CABLE TECHS
  • RES 4: 1.3210 Former trendline support drawn off the Mar 20 low
  • RES 3: 1.3174 61.8% retracement of the Sep 1 - 23 sell-off
  • RES 2: 1.3083 High Oct 12
  • RES 1: 1.3065 Intraday high
  • PRICE: 1.3040 @ 10:30 BST Oct 21
  • SUP 1: 1.2863 Low Oct 14 and key near-term support
  • SUP 2: 1.2846 Low Oct 7
  • SUP 3: 1.2806 Low Sep 30
  • SUP 4: 1.2745 Low Sep 28

GBPUSD is firmer this but still remains below the Oct 12 high of 1.3083. A break is needed to resume the recent uptrend that would open 1.3000 and 1.3210. The latter is the former trendline support drawn off the Mar 20 low. The trendline was breached on Sep 9 and a return above it is required to strengthen a bullish theme. Firm near-term support lies at 1.2863, Oct 14 low. A breach would signal a resumption of bearish pressure.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com