Free Trial

Lacking Direction For Now *RES 4:.......>

CABLE TECHS
CABLE TECHS: Lacking Direction For Now
*RES 4: 1.3080 High May 8
*RES 3: 1.3045 76.4% retracement of Mar 13 - Sep 3 decline
*RES 2: 1.3013 High Oct 21 and bull trigger
*RES 1: 1.2976 High Oct 31
*PRICE: 1.2880 @ 10:22 GMT Nov 6
*SUP 1: 1.2845 Low Oct 30
*SUP 2: 1.2789 Low Oct 24 and key near-term support
*SUP 3: 1.2750/10 Low Oct 17 / 200-DMA
*SUP 4: 1.2603 Low Oct 15
GBPUSD is quiet this morning trading around yesterday's close. From a
directional perspective, there remains the possibility of a deeper sell-off
before stronger bullish activity resumes, as the uptrend since Oct 8 has been
steep. The trigger for an extension lower is 1.2789, Oct 24 low. This would open
1.2710, the 200-DMA and 1.2603, Oct 15 low. On the upside for bulls to get
excited again, prices need to trade through the bull trigger at 1.3013.

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.