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Ripping Higher

CABLE TECHS
  • RES 4: 1.3245 1.0% 10-dma envelope
  • RES 3: 1.3210 Former trendline support drawn off the Mar 20 low
  • RES 2: 1.3174 61.8% retracement of the Sep 1 - 23 sell-off
  • RES 1: 1.3171 High Oct 21
  • PRICE: 1.3143 @ 16:58 BST Oct 21
  • SUP 1: 1.2863 Low Oct 14 and key near-term support
  • SUP 2: 1.2846 Low Oct 7
  • SUP 3: 1.2806 Low Sep 30
  • SUP 4: 1.2745 Low Sep 28
GBPUSD tore through near-term resistance at 1.3083 Wednesday on positive Brexit newsflow. This cements a resumption of the recent uptrend that opens 1.3210 as a longer-term target. This marks the former trendline support drawn off the Mar 20 low. The trendline was breached on Sep 9 and a return above it is required to strengthen a bullish theme. Firm near-term support lies at 1.2863, Oct 14 low. A breach would signal a resumption of bearish pressure.

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