Free Trial

Watching The Key Directional Triggers...>

CABLE TECHS
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: 1.2335 @ 16:36 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.

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.