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Monitoring The Key Directional Triggers

CABLE TECHS
  • RES 4: 1.3312 1.00 proj of Mar 20 - Apr 14 rally from May 18 low
  • RES 3: 1.3284 High Dec 31, 2019
  • RES 2: 1.3278 High 2020 (Jan 1)
  • RES 1: 1.3267 Aug 19 high and the bull trigger
  • PRICE: 1.3211 @ 05:55 BST Aug 27
  • SUP 1: 1.3054 Low Aug 24 and the bear trigger
  • SUP 2: 1.3005 Low Aug 12 and
  • SUP 3: 1.2982 Low Aug 4 and a key support
  • SUP 4: 1.2945 Low Jul 30

GBPUSD traded higher again yesterday. Recent price has defined two clear directional parameters at 1.3267 and 1.3054. The former is the Aug 19 high and the latter, the Aug 24 low. We have been monitoring recent bearish threats that suggest scope for a corrective pullback. A bearish engulfing candle on Aug 19 signals a top in the trend and this would be reinforced on a breach of 1.3054. On the upside a break of 1.3267 resumes the uptrend.

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