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Remains Offered

CABLE TECHS
  • RES 4: 1.3514 High Dec 13, 2019 and a key resistance
  • RES 3: 1.3482 High Sep 1 and the bull trigger
  • RES 2: 1.3319/3403 High Sep 4 / High Sep 2
  • RES 1: 1.3173 Intraday high
  • PRICE: 1.3075 @ 10:45 BST Sep 8
  • SUP 1: 1.3054 Low Aug 24 and the bear trigger
  • SUP 2: 1.3005/2989 Low Aug 12 / 50-day EMA
  • SUP 3: 1.2982 Low Aug 4
  • SUP 4: 1.2912 Low Jul 29

GBPUSD remains in an uptrend, however the correction that unfolded last week dominates for now. The pair traded lower Monday breaching Friday's 1.3176 low and remains offered today. The extension lower suggests scope for a deeper pullback that has potentially opened the key support at 1.3054, Aug 24 low. A break of this level would highlight a more meaningful reversal. Initial resistance is at 1.3173, today's intraday high.

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