Free Trial

Focus on Aug 6 high: *RES 4: 1.2350.....>

CABLE TECHS
CABLE TECHS: Focus on Aug 6 high:
*RES 4: 1.2350 Bear channel resistance drawn off the May 6 high
*RES 3: 1.2227/50 Upper 1.0% 10-dma env / High Jul 31
*RES 2: 1.2210 High Aug 6 and key resistance
*RES 1: 1.2175 High Aug 16
*PRICE: 1.2152 @ 03:32 GMT Aug 19
*SUP 1: 1.2042 Low Aug 13
*SUP 2: 1.2015 Low Aug12 and bear trigger
*SUP 3: 1.2000 Psychological round number
*SUP 4: 1.1986 Low Jan 16 2017
Thursday's bearish close in GBPUSD wrong footed bears somewhat Friday, as
markets recovered above 1.2150, which looks like a decent base on which to build
from this week. Having cleared the 200-hma on the way up, the focus shifts to
resistance at 1.2210. For bears to retake control, prices need to move below
1.2015, the near-term bear trigger. A break would confirm a resumption of the
downtrend and open 1.2000 and the 1.1841 post-referendum low.

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.