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Focus Is On Former Trendline Support-Now-Resistance

CABLE TECHS
  • RES 4: 1.3292 76.4% retracement of the Sep 1 - 23 sell-off
  • RES 3: 1.3245 1.0% 10-dma envelope
  • RES 2: 1.3222 Former trendline support drawn off the Mar 20 low
  • RES 1: 1.3177 High Oct 21
  • PRICE: 1.3102 @ 10:26 BST Oct 22
  • SUP 1: 1.3025 High Oct 19
  • SUP 2: 1.2863 Low Oct 14 and key near-term support
  • SUP 3: 1.2846 Low Oct 7
  • SUP 4: 1.2806 Low Sep 30
GBPUSD rallied sharply yesterday breaching 1.3083, Oct 12 high in the process. The move higher confirms a resumption of the upleg that started on Sep 23 and opens 1.3222. This level marks 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. Pullbacks are considered a correction.

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