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Free AccessStill Trading Below 1.3118 *RES 4:......>
CABLE TECHS: Still Trading Below 1.3118
*RES 4: 1.3338 High Dec 17
*RES 3: 1.3281/84 61.8% of the Dec 13 - Dec 23 decline / Dec 31 high
*RES 2: 1.3212 High Jul 7
*RES 1: 1.3118 High Jan 17
*PRICE: 1.3058 @ 10:33 GMT Jan 22
*SUP 1: 1.2955 Low Jan 14
*SUP 2: 1.2905 Low Dec 23 and key support
*SUP 3: 1.2824 Low Nov 22
*SUP 4: 1.2883 Trendline support drawn off the Sep 3 low
GBPUSD was firmer Tuesday. However despite this week's gains, the near-term risk
remains skewed to the downside following the bearish theme that has dominated
since Dec 31. A deeper retracement would open 1.2905, Dec 23 low and a key
support. The initial trigger for weakness is 1.2955, Jan 14 low. Trendline
support drawn off the Sep 3 low intersects at 1.2883 and represents a key level.
Price needs to trade above 1.3118 to ease the bearish threat.
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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.