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CABLE TECHS
  • RES 4: 1.3267 2.0% 10-dma envelope
  • RES 3: 1.3257 Former trendline support drawn off the Mar 20 low
  • RES 2: 1.3177 High Oct 21 and the bull trigger
  • RES 1: 1.3080 High Oct 27
  • PRICE: 1.2977 @ 16:56 GMT Oct 28
  • SUP 1: 1.2917 Low Oct 28
  • SUP 2: 1.2863 Low Oct 14 and key near-term support
  • SUP 3: 1.2806 Low Sep 30
  • SUP 4: 1.2794 76.4% retracement of the Sep 23 - Oct 21 rally

GBP/USD traded lower Wednesday breaking through Monday's 1.2993 low as well as 1.2940 Oct 21 low. The break suggests scope for a deeper corrective pullback and strengthens the bearish case further to expose 1.2863, Oct 14 low and a key support. Price action has defined initial resistance at 1.3080, Oct 27 high. A move back above this resistance would ease bearish pressure and open 1.3177, Oct 21 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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