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Holding Above Monday's Low

CABLE TECHS
  • RES 4: 1.3267 2.0% 10-dma envelope
  • RES 3: 1.3257 Former trendline support drawn off the Mar 20 low
  • RES 2: 1.3177 High Oct 21 and the bull trigger
  • RES 1: 1.3122 High Oct 23
  • PRICE: 1.3042 @ 06:00 GMT Oct 28
  • SUP 1: 1.2993/89 Low Oct 26 / 20-day EMA
  • SUP 2: 1.2940 Low Oct 21
  • SUP 3: 1.2863 Low Oct 14 and key near-term support
  • SUP 4: 1.2806 Low Sep 30

GBP/USD is holding above Monday's low of 1.2993, a key intraday support. An extension higher would suggest the recent corrective pullback is over. S/T bullish conditions still dominate. The Oct 21 rally reinforced a bullish theme, confirming a resumption of the upleg since Sep 23. A break of 1.3177, Oct 21 high would open 1.3269, former trendline support drawn off the Mar 20 low. Sub 1.2993 levels though would resume the recent corrective pullback.

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