Free Trial

Hovering near the Aug 6 high: *RES 4:...>

CABLE TECHS
CABLE TECHS: Hovering near the Aug 6 high:
*RES 4: 1.2316 Bear channel resistance drawn off the May 6 high
*RES 3: 1.2250 High Jul 31
*RES 2: 1.2210 High Aug 6 and key resistance
*RES 1: 1.2179 High Aug 20
*PRICE: 1.2131 @ 03:39 GMT Aug 22
*SUP 1: 1.2065 Low Aug 20 and key intraday support
*SUP 2: 1.2015 Low Aug12 and bear trigger
*SUP 3: 1.2000 Psychological round number
*SUP 4: 1.1986 Low Jan 16 2017
GBPUSD is quiet, holding below its key resistance at 1.2210, the high of Aug 6.
A move above this level is required to signal a short-term reversal and the
start of a correction. This would signal scope for a climb towards the top of
the bull channel at 1.2316, drawn off the May 6 high. For bears to resurface,
prices need to move below 1.2015. This would confirm a resumption of the
downtrend opening 1.2000 and the 1.1841 post-referendum low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.