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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.

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