Free Trial

Probes 1.2789 Support *RES 4: 1.3045....>

CABLE TECHS
CABLE TECHS: Probes 1.2789 Support
*RES 4: 1.3045 76.4% retracement of Mar 13 - Sep 3 decline
*RES 3: 1.3013 High Oct 21 and bull trigger
*RES 2: 1.2976 High Oct 31
*RES 1: 1.2948 Trendline resistance drawn off Oct 21 high
*PRICE: 1.2778 @ 17:21 GMT Nov 8
*SUP 1: 1.2750 Low Oct 17
*SUP 2: 1.2707 200-day MA
*SUP 3: 1.2603 Low Oct 15
*SUP 4: 1.2582 High Sep 20 and former breakout point
GBPUSD traded lower today and importantly has probed support at 1.2789, Oct 24
low. From a directional perspective, we see scope for a continued weakness and a
potentially deeper sell-off before bullish activity resumes, as the uptrend
since Oct 8 has been steep. The breach today of 1.2789 reinforces this
possibility. A clear break would open 1.2707, the 200-DMA and 1.2603, Oct 15
low. On the upside for bulls to get excited again, prices need to clear1.3013.

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.