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Monday's High Remains Intact

CABLE TECHS
  • RES 4: 1.3079 50.0% retracement of the Sep 1 - 23 sell-off
  • RES 3: 1.3035 High Sep 10
  • RES 2: 1.3007 High Sep 16 and key near-term resistance
  • RES 1: 1.2930 High Sep 28 and just above key EMAs
  • PRICE: 1.2841 @ 05:45 BST Sep 30
  • SUP 1: 1.2745 Low Sep 28
  • SUP 2: 1.2676 Low Sep 23 and the bear trigger
  • SUP 3: 1.2670 High Jul 9
  • SUP 4: 1.2644 Low Low Jul 22

GBPUSD is trading below Monday's 1.2930 high. Gains earlier this week resulted in breach of 1.2867, Sep 22 high. The break has exposed the 1.2904-20 resistance zone, the 20-and 50-day EMAs. This zone has been tested but has also far offered resistance. It represents an important hurdle and if cleared, would expose 1.3007, Sep 16 high and also a key resistance for bulls. Key support is 1.2676, Sep 23 low, a break resumes the downtrend.

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