Free Trial

Resistance Noted At 1.3118 *RES 4:......>

CABLE TECHS
CABLE TECHS: Resistance Noted At 1.3118
*RES 4: 1.3338 High Dec 17
*RES 3: 1.3281/84 61.8% of the Dec 13 - Dec 23 decline / Dec 31 high
*RES 2: 1.3212 High Jul 7
*RES 1: 1.3118 High Jan 17
*PRICE: 1.3045 @ 16:39 GMT Jan 21
*SUP 1: 1.2955 Low Jan 14
*SUP 2: 1.2905 Low Dec 23 and key support
*SUP 3: 1.2824 Low Nov 22
*SUP 4: 1.2874 Trendline support drawn off the Sep 3 low
GBPUSD is firmer Tuesday. However despite recent gains, the near-term risk
remains skewed to the downside following the bearish theme that has unfolded
since Dec 31. A deeper retracement would open 1.2905, Dec 23 low and a key
support. The initial trigger for weakness is 1.2955, Jan 14 low. Note, trendline
support drawn off the Sep 3 low intersects at 1.2874 and marks a key level.
Price needs to trade above 1.3118, Jan 17 high to ease the bearish threat.

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.