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Technical Analysis: GBP/USD

Posted by Chris Advincula on Apr 24, 2013 5:00:00 AM

April 24 Wednesday 9:00 GMT

CABLE TECHS: Key Support Around 1.5198 to 1.5204


RES 4: 1.5485 Reversal low 28 Jun 2012
RES 3: 1.5406/10/12/24 Upper dly Bolli, Highs Apr 12, 11, 38.2% 1.6381-1.4832
RES 2: 1.5368/73/79 Highs Apr 19, 17 and 16
RES 1: 1.5298 Apr 23 high


LATEST PRICE: 1.5270


SUP 1: 1.5198/5200/04 23.6% $1.6381-1.4832, Support line Mar 12 low, Apr 22 low
SUP 2: 1.5104 Lower daily Bollinger band
SUP 3: 1.5027/34 Low Mar 20, Low Apr 4
SUP 4: 1.4982 High Mar 13


COMMENTARY: Cable met support from the former 23.6% again at 1.5198, part of
initial support which now includes the 23.6% of 1.6381-1.4832, Support line
from Mar 12 low and the Apr 22 low at 1.5198/5200/04. This key support level
has held price action for the past two sessions while daily studies slide. Break
below here could prompt a new trend lower, next support seen at 1.5104, the
lower daily Bolli band. Initial res at 1.5298, the Apr 23 high.

Peter Burnside & Kyle Shortland

Market News International

cable.tech.4.24 resized 600

Chart: WorldWideMarkets Flash Trader

 

 

 

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