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Free AccessGravitates Back to the 200-DMA *RES.....>
CABLE TECHS: Gravitates Back to the 200-DMA
*RES 4: 1.2866 Low April 25
*RES 3: 1.2838 61.8% retracement of Mar - Sep Decline
*RES 2: 1.2813 High May 21
*RES 1: 1.2800 High Oct 15
*PRICE: 1.2715 @ 04:38 GMT Oct 16
*SUP 1: 1.2603 Low Oct 15
*SUP 2: 1.2516 Low Oct 14
*SUP 3: 1.2413 100-DMA
*SUP 4: 1.2409 Low Oct 11
GBPUSD was firmer again yesterday as fresh Brexit headlines gave bulls further
impetus to clear the 200-dma resistance, a potentially significant milestone,
although it has gravitated back towards this 1.2713 level today. If we can
remain above this level, potential is for a climb towards the late April low of
1.2866. Momentum studies, monitoring the RSI is yet to indicate an overbought
conditions. This reinforces the bullish theme. 1.2838 is the first objective.
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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.