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Still Heading North

CABLE TECHS
  • RES 4: 1.3284 High Dec 31, 2019
  • RES 3: 1.3200 High Mar 9 and a key resistance
  • RES 2: 1.3198 3.0% 10-dma envelope
  • RES 1: 1.3170 High Jul 31
  • PRICE: 1.3045 @ 16:51 BST Aug 3
  • SUP 1: 1.2945 Low Jul 30
  • SUP 2: 1.2838/2781 Low Jul 28 / Low Jul 27
  • SUP 3: 1.2734 20-day EMA
  • SUP 4: 1.2717 Low Jul 24

GBPUSD traded well into the Friday close, hitting new cycle highs at $1.3170 but faded (slightly) during the Monday session. Resistance at 1.2813, Jun 10 high has been cleared, confirming a resumption of the broader uptrend that has been in place since the reversal on Mar 20. Attention is on 1.3200 next, Mar 9 high where a break would open 1.3284, Dec 31 2019 high. On the downside, support is at 1.2945, Jul 30 low.

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