Free Trial

Retreats Below 50-dma: *RES 4: 1.2670...>

CABLE TECHS
CABLE TECHS: Retreats Below 50-dma:
*RES 4: 1.2670 50% retracement of the Mar 13 - Sep 3 decline
*RES 3: 1.2582 High Sep 20 / High Jul 15 and bull trigger
*RES 2: 1.2503 High Sep 24
*RES 1: 1.2381 High Sep 26
*PRICE: 1.2247 @ 15:54 GMT Oct 1
*SUP 1: 1.2207 Intraday low
*SUP 2: 1.2197 61.8% Sep 3 - Sep 20 rise
*SUP 3: 1.2106 76.4% Sep 3 - Sep 20 rise
*SUP 4: 1.2079 Low Sep 4
Selling pressure resumed Tuesday, pressing GBPUSD back below the 50-dma to touch
pullback lows at 1.2207. The clear break opens a deeper correction towards
1.2197, the 61.8% retracement. If the current move lower is still a correction,
prices ideally should find support ahead of the 61.8% retracement. A move above
1.2381 resistance would be encouraging for bulls.

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.