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Trading In A Range

CABLE TECHS
  • RES 4: 1.3284 High Dec 31, 2019
  • RES 3: 1.3200 High Mar 9 and a key resistance
  • RES 2: 1.3186 High Aug 6 and the bull trigger
  • RES 1: 1.3154 High Aug 7
  • PRICE: 1.3107@ 10:21 BST Aug 17
  • SUP 1: 1.2982 Low Aug 4 and bear trigger
  • SUP 2: 1.2945 Low Jul 30
  • SUP 3: 1.2838 Low Jul 28
  • SUP 4: 1.2781 Low Jul 27

GBPUSD continues to trade sideways having established a range between 1.3186, Aug 6 high and 1.2982, Aug 4 low. Trend signals though remain bullish with moving average studies still pointing north. A break of 1.3186 would confirm a resumption of the uptrend and expose 1.3200 and open 1.3284, Dec 31 2019 high. Weakness below 1.2982 would instead signal a S/T reversal and signal the start of a deeper correction.

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