Free Trial

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

CABLE TECHS
CABLE TECHS: 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: 1.3073 50-dma
*RES 1: 1.3070 High Feb 5 / 13 and key near-term resistance
*PRICE: 1.3026 @ 16:30 GMT Feb 14
*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
Having traded higher Thursday, GBPUSD eroded resistance at the former trendline
drawn off the Sep 3 low that was breached on Feb 6. A break above the Thursday
high of 1.3070 would be encouraging for bulls and would signal scope for an
extension towards 1.3215, the Feb 3 high. A failure though to hold onto this
week's gains would signal a bearish threat again and expose Monday's low of
1.2872. 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.