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Holding Onto Recent Gains

CABLE TECHS
  • RES 4: 1.3079 50.0% retracement of the Sep 1 - 23 sell-off
  • RES 3: 1.3007 High Sep 16 and key near-term resistance
  • RES 2: 1.2984 38.2% retracement of the Sep 1 - 23 sell-off
  • RES 1: 1.2978 High Oct 1
  • PRICE: 1.2932 @ 10:42 BST Oct 2
  • SUP 1: 1.2806 Low Sep 30
  • SUP 2: 1.2745 Low Sep 28
  • SUP 3: 1.2676 Low Sep 23 and the bear trigger
  • SUP 4: 1.2670 High Jul 9

GBPUSD technical signals remain bearish and recent gains continue to be viewed as a correction. However, the pair is holding onto recent gains and attention is on 1.3007, Sep 16 high. A break of this level would undermine recent bearish developments and instead highlight a stronger bullish theme opening 1.3079, a Fibonacci retracement. Price needs to trade below 1.2806, Sep 30 low to expose the bear trigger at 1.2676, Sep 23 low.

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