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CABLE TECHS: Watching The Key Directional Triggers
*RES 4: 1.2726 Low Feb 28
*RES 3: 1.2643/48 High Apr 13 /High Apr 14 and the bull trigger
*RES 2: 1.2516 High May 4
*RES 1: 1.2484 High May 5
*PRICE: 1.2353 @ 10:27 BST May 11
*SUP 1: 1.2266 Low May 7
*SUP 2: 1.2248 Low Apr 21 and the bear trigger
*SUP 3: 1.2166 Low Apr 7 and a key support
*SUP 4: 1.2030 50% retracement of the Mar 20 - Apr 14 rally
GBPUSD managed to bounce into the Friday close to salvage a flat close last
week. Price action since Apr 14 has defined two key directional triggers,
resistance at 1.2648 and a key support at 1.2248, May 7 low. A break of 1.2648,
Apr 14 high is required to confirm a resumption of the uptrend since Mar 20 and
open 1.2726, Feb 28 low. On the downside, a move through 1.2248 however would
instead highlight a reversal and open 1.2166 initially.