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Pullback Considered A Correction

CABLE TECHS
  • RES 4: 1.3292 76.4% retracement of the Sep 1 - 23 sell-off
  • RES 3: 1.3256 2.0% 10-dma envelope
  • RES 2: 1.3257 Former trendline support drawn off the Mar 20 low
  • RES 1: 1.3177 High Oct 21
  • PRICE: 1.3037 @ 05:43 GMT Oct 27
  • SUP 1: 1.2983 20-day EMA
  • SUP 2: 1.2940 Low Oct 21
  • SUP 3: 1.2863 Low Oct 14 and key near-term support
  • SUP 4: 1.2806 Low Sep 30

GBPUSD continued to retrace the Oct 21 rally yesterday. The move lower is likely a correction though with the S/T bullish structure intact. The Oct 21 climb reinforced a bullish theme, confirming a resumption of the upleg that started Sep 23. Attention is on 1.3257, the former trendline support drawn off the Mar 20 low. The trendline was breached on Sep 9. Firm support is at 1.2940, Oct 21 low. The reversal trigger lies at 1.2863, Oct 14 low.

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