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Trades Through Key Support

CABLE TECHS
  • RES 4: 1.3514 High Dec 13, 2019 and a key resistance
  • RES 3: 1.3482 High Sep 1 and the bull trigger
  • RES 2: 1.3319/3403 High Sep 4 / High Sep 2
  • RES 1: 1.3173 High Sep 8
  • PRICE: 1.3051 @ 17:24 BST Sep 8
  • SUP 1: 1.3005/2989 Low Aug 12 / 50-day EMA
  • SUP 2: 1.2982 Low Aug 4
  • SUP 3: 1.2912 Low Jul 29
  • SUP 4: 1.2838 Low Jul 28

GBPUSD remains under pressure and the pullback that unfolded off last week continues to dominate. Today has seen the pair trade through support at 1.3054, Aug 24 low. The break highlights a more meaningful reversal and suggests scope for weakness towards 1.2989 which is where the 50-day EMA intersects. A clear erosion of the EMA would reinforce current bearish conditions. On the upside, resistance is seen at 1.3173, today's intraday high.

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