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Heading North

CABLE TECHS
  • RES 4: 1.3200 High Mar 9 and a key resistance
  • RES 3: 1.3130 High Mar 10
  • RES 2: 1.3020 0.764 proj of the Mar 20 - Apr 14 rally from May 18 low
  • RES 1: 1.3013 High Jul 29
  • PRICE: 1.2985 @ 10:27 BST Jul 30
  • SUP 1: 1.2838/2781 Low Jul 28 / Low Jul 27
  • SUP 2: 1.2717 Low Jul 24
  • SUP 3: 1.2696 20-day EMA
  • SUP 4: 1.2644 Low Jul 22

GBPUSD extended this week's rally again yesterday and a bullish theme remains intact. The pair Monday cleared resistance at 1.2813 Jun 10 high, confirming a resumption of the broader uptrend that has been in place since the reversal on Mar 20. The 1.2977, Mar 11 high objective has been achieved and attention is on 1.3020, a Fibonacci projection. Firm near-term support is 1.2644, Jul 22 low. Initial support is at 1.2838.

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