Free Trial

YTD lows in view: *RES 3: 1.2600 High...>

CABLE TECHS
CABLE TECHS: YTD lows in view:
*RES 3: 1.2600 High Jul 3
*RES 2: 1.2558/61 High Jul 18 / Trendline drawn off the May 6 high
*RES 1: 1.2482/95 Intraday high / 200-hma
*PRICE: 1.2430 @ 8:32 GMT July 23
*SUP 1: 1.2418 Intraday low
*SUP 2: 1.2382 Low Jul 17 / Multi-year low
*SUP 3: 1.2352/51 1.618% swing of 1.2440-1.2582 / April 2017 low
*SUP 4: 1.2300 Round number support
Dovish BoE Saunders remarks further pressured sterling to keep the longer-term
downtrend intact. Focus returns to the multi-year low bear trigger at 1.2382, a
break opens 1.2351, ahead of the psychological 1.2300 level. Bulls need to
recover 1.2558/61, before challenging key resistance at 1.2582, the high of Jul
15. A break above this level is required to relieve some bearish pressure and
allow for a short-term corrective bounce. Note this would also result in a break
of a trendline drawn off the May 6 high.

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.