Free Trial

Focus Still Is On 1.3013 Resistance.....>

CABLE TECHS
CABLE TECHS: Focus Still Is On 1.3013 Resistance
*RES 4: 1.3130 1.50 projection of Sep 3 - Sep 20 rally from Oct 8 low
*RES 3: 1.3048 High May 10
*RES 2: 1.3013 High Oct 21 and bull trigger
*RES 1: 1.2985 High Nov 18
*PRICE: 1.2912 @ 05:32 GMT Nov 20
*SUP 1: 1.2868 Low Nov 15
*SUP 2: 1.2816 Low Nov 12
*SUP 3: 1.2769 Low Nov 8 and bear trigger
*SUP 4: 1.2704 200-day MA
Despite pulling back yesterday, GBPUSD maintains a firmer outlook following
Monday's gains that resulted in a break of resistance at 1.2921, a trendline
drawn off the Oct 21 high. This break highlights and confirms a bull flag
formation since Oct 21, signalling a resumption of the uptrend that began in
early September. Attention is on 1.3013, Oct 21 high and the next bull trigger.
Initial support lies at 1.2868, Nov 15 low. A break would concern for bulls.

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.