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Free AccessTrendline resistance in view: *RES 4:...>
CABLE TECHS: Trendline resistance in view:
*RES 4: 1.2653 50.0% retracement of the Jun 25-Jul 9 sell-off
*RES 3: 1.2612 50.0% retrace of Jun 25-Jul 9 sell-off / 21-dma
*RES 2: 1.2583 Trendline resistance off the Jun 25 high
*RES 1: 1.2541/53 Intraday high / 200-hma
*PRICE: 1.2536 @ 08:29 GMT July 11
*SUP 1: 1.2496 Intraday low
*SUP 2: 1.2440 Low Jul 9
*SUP 3: 1.2439 76.4% 1.1841 - 1.4377
*SUP 4: 1.2404 Low Apr 11 2017
GBPUSD extends the recovery off Monday's ytd low, back through 1.2540. Gains for
now are viewed as a correction and the focus is on the short-term trendline
resistance drawn off the Jun 25 high that intersects at 1.2583 today. While this
holds, the downtrend remains in place with the attention on this weeks 1.2440
low and the 76.4% retrace of the Oct 2016-Apr 2018 rally at 1.2439. A break
above 1.2583 is required to highlight a stronger bullish theme.
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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.