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1.2740/45 Seems Hard To Overcome........>

CABLE TECHS
CABLE TECHS: 1.2740/45 Seems Hard To Overcome
GBPUSD breached the trendline off Mar highs, extended the recovery to 1.2742 on
Thursday before meeting resistance from a previous series of highs. The
1.2740/45 area is starting to grow in importance with a break here needed to
extend the move higher. Any move above the May 21 high at 1.2813 would suggest a
bullish reversal is in play. Bears look for a break below the 200-hma & 50%
retracement of $1.2559-1.2744, before returning the focus to the 1.26 level,
ahead of the ytd low at 1.2559.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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