1.2197 Still An Important Pivot Level...>

CABLE TECHS: 1.2197 Still An Important Pivot Level

*RES 4: 1.2582 High Sep 20 / High Jul 15 and bull trigger

*RES 3: 1.2503 High Sep 24

*RES 2: 1.2429 100-day MA

*RES 1: 1.2413 High Oct 3

*PRICE: 1.2296 @ 09:14 GMT Oct 7

*SUP 1: 1.2207 Low Oct 1

*SUP 2: 1.2197 61.8% Sep 3 - Sep 20 rise

*SUP 3: 1.2106 76.4% Sep 3 - Sep 20 rise

*SUP 4: 1.2079 Low Sep 4

GBPUSD managed a recovery overall last week although the move was more volatile

than impulsive. For now, the pair appears constructive having held last week

above Tuesday's low and importantly 1.2197. This level marks 61.8% of Sep 3 -

Sep 20 rise and remains an important pivot point. While it holds, the potential

for a recovery remains with the focus on 1.2582. A break of the 50-dma and

1.2197 support however would be bearish.