Free Trial

Weak Close Keeps Bearish Trend Intact...>

CABLE TECHS: Weak Close Keeps Bearish Trend Intact
GBPUSD sits just above yesterday's low and the 1.27 level after gains through
1.28 were given back in short order. Bears now look for a close under 1.27 to
put the focus back on yesterday's low & Jan 15 lows at 1.2685/70. Further
support is located behind at 1.2663 which represents the 76.4% retracement of
the Jan-Mar rise. A close above 1.2800 is needed to stabilise the outlook,
before challenging neckline support-turned-resistance at 1.2900. 

To read the full story



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.