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Heavy Following Sharp Losses

CABLE TECHS
  • RES 4: 1.3514 High Dec 13, 2019 and a key resistance
  • RES 3: 1.3482 High Sep 1 and the bull trigger
  • RES 2: 1.3319/3403 High Sep 4 / High Sep 2
  • RES 1: 1.3173 High Sep 8
  • PRICE: 1.2942 @ 10:33 BST Sep 9
  • SUP 1: 1.2919 Intraday low
  • SUP 2: 1.2912 Low Jul 29
  • SUP 3: 1.2867 50.0% retracement of the Jun 29 - Sep 1 rally
  • SUP 4: 1.2838 Low Jul 28

GBPUSD remains under pressure and the pullback that unfolded off last week's high continues to dominate. Yesterday saw Cable trade through support at 1.3054, Aug 24 low. The break highlights a more meaningful reversal and suggests scope for weakness towards 1.2867, a Fibonacci retracement. Note, the 50-day EMA has been breached, a continued erosion of the average would reinforce bearish conditions. Resistance is at 1.3173.

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