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Stalls Ahead Of Key Resistance

CABLE TECHS
  • RES 4: 1.3319/3403 High Sep 4 / High Sep 2
  • RES 3: 1.3173 High Sep 8
  • RES 2: 1.3035 High Sep 10 and key near-term resistance
  • RES 1: 1.3007 High Sep 16
  • PRICE: 1.2820 @ 05:45 BST Sep 22
  • SUP 1: 1.2776 Intraday low
  • SUP 2: 1.2763 Low Sep 11 and the bear trigger
  • SUP 3: 1.2722 61.8% retracement of the Jun 29 - Sep 1 rally
  • SUP 4: 1.2670 High Jul 9

GBPUSD sold sharply Monday, reinforcing the current bearish outlook. This follows the breach on Sep 10 of trendline support drawn off the Mar 20 low. The move lower recently also resulted in a break of 1.2867, 50.0% of the Jun 29 - Sep 1 rally opening 1.2722, the 61.8% level. The pair has also stalled recently ahead of resistance at 1.3035, Sep 10 high reinforcing a bearish set-up. Clearance of 1.3035 is required to threaten the bearish mood.

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