Free Trial

Still Testing Former Trendline..........>

CABLE TECHS
CABLE TECHS: Still Testing Former Trendline Support-Now-Resistance
*RES 4: 1.3212 High Jan 7
*RES 3: 1.3215 High Feb 3 and key S/T resistance
*RES 2: 1.3085 61.8% retracement of the Feb 3 - feb 10 decline
*RES 1: 1.3070/71 High Feb 5 and 13 / 50-dma
*PRICE: 1.3014 @ 16:22 GMT Feb 17
*SUP 1: 1.2944 Low Feb 13
*SUP 2: 1.2872 Low Feb 10 and key bear trigger
*SUP 3: 1.2824 Low Nov 22
*SUP 4: 1.2769 Low Nov 8
GBPUSD continues to pressure the former trendline drawn off the Sep 3 low that
was breached on Feb 6. A break above last Thursday's high of 1.3070 would be
encouraging for bulls and would signal scope for an extension towards 1.3215,
the Feb 3 high and a key near-term resistance. A failure though to hold onto
recent gains would again signal a bearish threat and expose 1.2872, Feb 10 low.
A move through this support opens 1.2824, the Nov 22 low.

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.