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Impulsive sell-off extends: *RES 4:.....>
CABLE TECHS: Impulsive sell-off extends:
*RES 4: 1.2558 High Jul 18
*RES 3: 1.2506 Trendline resistance drawn off the May 6 high
*RES 2: 1.2460 High Jul 26
*RES 1: 1.2382 Low Jul 17
*PRICE: 1.2161 @ 04:01 GMT July 30
*SUP 1: 1.2110 Mar 14 2017 low
*SUP 2: 1.2071 Bear channel base drawn off the high of May 6
*SUP 3: 1.2000 Psychological round number
*SUP 4: 1.1986 Jan 16 2017 low
Cable weakness on the back of Brexit related no deal concerns extends in Asia.
The impulsive sell-off has confirmed an aggressive resumption of the downtrend
with the most significant recent technical break being the move below the Jan 3
low of 1.2441. With 1.2200 cleared, the focus shifts to 1.2110 next. Note a bear
channel base lies at 1.2071 today, marking a possible near-term support. The
channel is drawn off the May 6 high. Resistance is at 1.2382.
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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.