Free Trial

Watch Trendline Resistance *RES 4:......>

CABLE TECHS: Watch Trendline Resistance
*RES 4: 1.3013 High Oct 21 and bull trigger
*RES 3: 1.2976 High Oct 31
*RES 2: 1.2937 Trendline resistance drawn off Oct 21 high
*RES 1: 1.2898 High Nov 11
*PRICE: 1.2847 @ 10:21 GMT Nov 13
*SUP 1: 1.2769 Low Nov 8
*SUP 2: 1.2704 200-day MA
*SUP 3: 1.2603 Low Oct 15
*SUP 4: 1.2582 High Sep 20 and former breakout point
GBPUSD near-term risk remains skewed to the downside following the recent breach
of support at 1.2789, Oct 24 low. A move lower would allow the steep uptrend
that unfolded off the Oct 8 low to unwind further before bullish activity
resumes. Attention is on 1.2704, the 200-DMA and 1.2603, Oct 15 low. Resistance
is at 1.2937, a trendline drawn off the Oct 21 high. Note, a break higher would
highlight a bull flag formation and signal a resumption of the uptrend.

To read the full story

Why Subscribe to


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.