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Recovers Off a Retracement Level

CABLE TECHS
  • RES 4: 1.3173 High Sep 8
  • RES 3: 1.3035 High Sep 10 and key near-term resistance
  • RES 2: 1.3007 High Sep 16
  • RES 1: 1.2865 Low Sep 17
  • PRICE: 1.2738 @ 16:31 BST Sep 22
  • SUP 1: 1.2713 Low Sep 22
  • SUP 2: 1.2670 High Jul 9
  • SUP 3: 1.2644 Low Low Jul 22
  • SUP 4: 1.2542 76.4% retracement of the Jun 29 - Sep 1 rally
A broadly stronger USD worked against a mid-session GBPUSD recovery Tuesday, but earlier support at the 1.2713 intraday low held firm. Nonetheless, the pair confirmed breach of former support at 1.2763, Sep 11 low to confirm a resumption of this month's downtrend. The recovery has seen the 61.8% retracement of the Jun 29 - Sep 1 rally at 1.2722 hold. Price briefly probed this support with a low print of 1.2713. Bearish pressure is likely to persist though and a break of 1.2713 would see 1.2644 attract next, Jul 22 low.

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