Free Trial

Touching Key Resistance

CABLE TECHS
  • RES 4: 1.3280 High Sep 7
  • RES 3: 1.3174 61.8% retracement of the Sep 1 - 23 sell-off
  • RES 2: 1.3079 50.0% retracement of the Sep 1 - 23 sell-off
  • RES 1: 1.3013/14 High Sep 16 / Oct 9
  • PRICE: 1.3007 @ 16:48 BST Oct 9
  • SUP 1: 1.2846 Low Oct 7
  • SUP 2: 1.2806 Low Sep 30 and key near-term support
  • SUP 3: 1.2745 Low Sep 28
  • SUP 4: 1.2676 Low Sep 23 and the bear trigger

GBPUSD is well above recent lows. The break of key resistance at 1.3007 has confounded recent bearish signals and opens a further recovery in the pair. While Tuesday's price action highlighted a bearish reversal signal, the late rally this week opens the 50-dma to the upside at 1.3029 ahead of 1.3079 and 1.3174. To re-engage with any bearish themes, markets need to break 1.2846, Oct 7 low, which would open 1.2806, Sep 30 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.