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Tests Key EMA Resistance

CABLE TECHS
  • RES 4: 1.3079 50.0% retracement of the Sep 1 - 23 sell-off
  • RES 3: 1.3035 High Sep 10
  • RES 2: 1.3007 High Sep 16 and key near-term resistance
  • RES 1: 1.2930 High Sep 28
  • PRICE: 1.2867 @ 10:35 BST Sep 29
  • SUP 1: 1.2745 Low Sep 28
  • SUP 2: 1.2676 Low Sep 23 and the bear trigger
  • SUP 3: 1.2670 High Jul 9
  • SUP 4: 1.2644 Low Low Jul 22

GBPUSD found strong support Monday. Yesterday's gains resulted in breach of resistance at 1.2867, Sep 22 high. The break higher has exposed the 1.2908-23 resistance zone, the 20-and 50-day EMAs. This zone was tested but has so far offered resistance. It represents an important resistance zone area and if cleared, would suggest scope for stronger gains towards 1.3007, Sep 16 high and a key hurdle for bulls. Key support lies at 1.2676.

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