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Free AccessProbes The 1.2921 Resistance *RES 4:....>
CABLE TECHS: Probes The 1.2921 Resistance
*RES 4: 1.3048 High Oct 5
*RES 3: 1.3013 High Oct 21 and bull trigger
*RES 2: 1.2976 High Oct 31
*RES 1: 1.292132 Trendline resistance drawn off Oct 21 high / Intraday high
*PRICE: 1.2923 @ 05:33 GMT Nov 18
*SUP 1: 1.2816 Low Nov 12
*SUP 2: 1.2769 Low Nov 8 and bear trigger
*SUP 3: 1.2703 200-day MA
*SUP 4: 1.2603 Low Oct 15
GBPUSD edged higher overnight to begin the week on a firmer note. The recent
focus has been on the potential for a move lower. A break of 1.2789, Oct 24 low
would trigger this and allow the steep uptrend that unfolded off the Oct 8 low
to unwind. However, prices are today probing resistance at 1.2921, a trendline
drawn off the Oct 21 high. A break would highlight a bull flag formation since
Oct 21 and instead signal a resumption of the uptrend. Support is at 1.2816.
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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.