Free Trial

Fresh cycle low: *RES 4: 1.2382 Low Jul 17....>

CABLE: Fresh cycle low:
*RES 4: 1.2382 Low Jul 17
*RES 3: 1.2250 High Jul 31
*RES 2: 1.2210 High Aug 6 and key resistance
*RES 1: 1.2152 High Aug 9
*PRICE: 1.2031 @ 04:38 GMT Aug 12
*SUP 1: 1.2015 Intraday low
*SUP 2: 1.2000 Psychological round number
*SUP 3: 1.1986 Low Jan 16 2017
*SUP 4: 1.1971 Bear channel base drawn off the May 6 high
Cable remains in a clear downtrend with a fresh trend low printed overnight.
Recent recovery efforts have so far remained shallow keeping the longer-term
downtrend intact. Friday's break of support at 1.2080, the Aug 1 low also
confirmed a resumption of the downtrend. This brings the psychological 1.2000
level into view, ahead of the post-referendum low at 1.1841. Bulls need to clear
the previously hard to overcome 1.2205/10 area to signal a short-term reversal.

To read the full story



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.