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Gains Considered A Correction

CABLE TECHS
  • RES 4: 1.3270 2.0% 10-dma envelope
  • RES 3: 1.3177 High Oct 21 and the bull trigger
  • RES 2: 1.3080 High Oct 27 and key near-term resistance
  • RES 1: 1.3026 High Oct 29
  • PRICE: 1.2991 @ 10:34 GMT Nov 3
  • SUP 1: 1.2855 Low Nov 2
  • SUP 2: 1.2863 Low Oct 14 and key near-term support
  • SUP 3: 1.2806 Low Sep 30
  • SUP 4: 1.2794 76.4% retracement of the Sep 23 - Oct 21 rally

GBPUSD is firmer as the pair corrects higher. The outlook remains bearish though following last week's extension lower. The break last week of 1.2940, Oct 21 low suggests scope for a deeper pullback with attention on 1.2863, Oct 14 low and a key S/T support. Clearance of this level would open 1.2794, a Fibonacci retracement. Initial firm resistance is seen at 1.3080, Oct 27 high. A break would ease bearish pressure and open 1.3177, Oct 21 high.

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