61.8% Retracement Level Is Key *RES.....>

CABLE TECHS: 61.8% Retracement Level Is Key

*RES 4: 1.2670 50% retracement of the Mar 13 - Sep 3 decline

*RES 3: 1.2582 High Sep 20 / High Jul 15 and bull trigger

*RES 2: 1.2503 High Sep 24

*RES 1: 1.2381 High Sep 26

*PRICE: 1.2307 @ 15:49 GMT Oct 2

*SUP 1: 1.2207 Low Oct1

*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 came under pressure early doors and bears still eye the Tuesday low of

1.2207. The pair managed to stabilise ahead of the close, however, with prices

back above the 50-dma. The Fib retracement at 1.2197 is an important pivot

point. If the recent pullback is a correction, 1.2197 would be expected to

provide a firm support for a renewed push higher. A clear break of the 50-dma

and 1.2197 however would a bearish development. 1.2381 marks initial resistance.