Free Trial

Likely To Extend The Current Weakness...>

CABLE TECHS
CABLE TECHS: Likely To Extend The Current Weakness
*RES 4: 1.2813 High Jun 10 and the bull trigger
*RES 3: 1.2755 High Jun 11
*RES 2: 1.2688 High Jun 16 and key near-term resistance
*RES 1: 1.2567 High Jun 18
*PRICE: 1.2418 @ 10:32 BST Jun 19
*SUP 1: 1.2402 Low Jun 118
*SUP 2: 1.2358 61.8% retracement of the May 18 - Jun 10 rally
*SUP 3: 1.2322 Low Jun 1
*SUP 4: 1.2250 76.4% retracement of the May 18 - Jun 10 rally
GBPUSD traded lower yesterday breaching support at 1.2455. This marks an
extension of the pullback that started on Jun 10 following an inability to
extend the break of the April highs. The near-term risk is for a continuation
lower with the focus on 1.2358 next, 61.8% retracement of the May 18 - Jun 10
rally. Firm resistance has been defined at 1.2688, Jun 16 high. Yesterday's high
of 1.2567 marks the initial resistance.

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.