Free Trial

Trades Below Former 1.3013 Breakout.....>

CABLE TECHS: Trades Below Former 1.3013 Breakout Level
*RES 4: 1.3514 High Dec 13
*RES 3:1.3422 High Dec 16
*RES 2: 1.3338 High Dec 17
*RES 1: 1.3134 High Dec 18
*PRICE: 1.3022 @ 04:41 GMT Dec 20
*SUP 1: 1.2990 Low Dec 19
*SUP 2: 1.2983 Low Dec 4
*SUP 3: 1.2944 50-dma
*SUP 4: 1.2905 2.0% 10-dma envelope
GBPUSD weakened further Thursday, hitting a new post-election low at 1.2990.The
move lower looks to have been prefaced by Tuesday's significant 3-day bearish
reversal candle pattern, an evening-star-reversal which continues to play out.
The pullback this week has also resulted in a print below the former key
breakout level of 1.3013, Oct 21 high and opens the early December lows at
1.2983 and the 50-dma at 1.2944. Initial resistance is 1.3134, Dec 18 high.

To read the full story



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.