Free Trial

Weak to weaker: *RES 4: 1.2558 High.....>

CABLE TECHS
CABLE TECHS: Weak to weaker:
*RES 4: 1.2558 High Jul 18
*RES 3: 1.2494 Trendline resistance drawn off the May 6 high
*RES 2: 1.2460 High Jul 26
*RES 1: 1.2382 Low Jul 17
*PRICE: 1.2154 @ 04:12 GMT July 31
*SUP 1: 1.2110 Mar 14 2017 low
*SUP 2: 1.2060 Bear channel base drawn off the high of May 6
*SUP 3: 1.2000 Psychological round number
*SUP 4: 1.1986 Jan 16 2017 low
Cable hit fresh cycle lows of 1.2119 yesterday, with No Deal Brexit-inspired
weakness extending. Impulsive sell-off has confirmed an aggressive resumption of
the downtrend with the most significant recent technical break being the move
below the Jan 3 low of 1.2441. With 1.2200 cleared, the focus shifts to 1.2110
next. A bear channel base lies at 1.2060, marking a possible near-term support.
The channel is drawn off the May 6 high. Resistance is at 1.2382.

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.