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Holding Onto Gains

CABLE TECHS
  • RES 4: 1.2280 High Sep 7
  • RES 3: 1.3174 61.8% retracement of the Sep 1 - 23 sell-off
  • RES 2: 1.3139 Former trendline support drawn off the Mar 20 low
  • RES 1: 1.3083 High Oct 12
  • PRICE: 1.3055 @ 10:30 BST Oct 13
  • SUP 1: 1.2939/31 20- day and 50-day EMA
  • SUP 2: 1.2846 Low Oct 7 and key near-term support
  • SUP 3: 1.2806 Low Sep 30
  • SUP 4: 1.2745 Low Sep 28

GBPUSD maintains a bullish tone and is holding onto recent gains. The pair cleared key resistance at 1.3007 on Oct 9, negating recent bearish signals and confirming a resumption of the current bullish cycle. 1.3079 has been achieved opening 1.3139 next. The former is a Fibonacci retracement and the latter, the former trendline support drawn off the Mar 20 low. 1.3139 also marks a key pivot level. Key support has been defined at 1.2846, Oct 7 low.

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