Free Trial

Trendline Support Remains Intact

CABLE TECHS
  • RES 4: 1.3482 High Sep 1 and the bull trigger
  • RES 3: 1.3319/3403 High Sep 4 / High Sep 2
  • RES 2: 1.3173 High Sep 8
  • RES 1: 1.3054 Low Aug 24
  • PRICE: 1.2993 @ 05:43 BST Sep 10
  • SUP 1: 1.2869 Trendline support drawn off the Mar 20 low
  • SUP 2: 1.2867 50.0% retracement of the Jun 29 - Sep 1 rally
  • SUP 3: 1.2838 Low Jul 28
  • SUP 4: 1.2781 Low Jul 27

GBPUSD remains vulnerable. Yesterday however saw Cable hold above a key support defined by 1.2867, a Fibonacci retracement and a trendline support drawn off the Mar 20 low that intersects at 1.2869. A break of this zone would reinforce bearish conditions and open 1.2722 further out, also a Fibonacci retracement. Note, the uptrend remains intact while the trendline holds, initial firm resistance is at 1.3173, Sep 8 high.

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.