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CABLE TECHS: Bearish engulfing:
*RES 4: 1.2418 Low Jul 23
*RES 3: 1.2399 High Jul 29
*RES 2: 1.2350/82 50-dma / Low Jul 17
*RES 1: 1.2260/1.2310 Bull channel top drawn off the May 6 high / High Aug 27
*PRICE: 1.2174 @ 15:52 GMT Aug 30
*SUP 1: 1.2157 Low Aug 28
*SUP 2: 1.2079 10-dma 1% envelope
*SUP 3: 1.2065 Low Aug 20 and key near term support
*SUP 4: 1.2015 Low Aug12 and bear trigger
The trendline/channel break in GBPUSD Tuesday was a false one and the pair has
pulled back below 1.2200. Wednesday's price action in Japanses candle terms is a
bearish engulfing reversal and reinforces the developing bearish threat that
signals the end of the corrective bounce between Aug 12 - Aug 27. Further
weakness would open 1.2065 next, the Aug 20 low. A break above Tuesday's 1.2310
high is required reinstate a bullish theme.