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Bearish outlook intact: *RES 3:.........>

CABLE TECHS
CABLE TECHS: Bearish outlook intact:
*RES 3: 1.2438/60 Trendline off May 6 high/High Jul 26
*RES 2: 1.2382 Low Jul 17
*RES 2: 1.2250/59 High Jul 31/200-hma
*RES 1: 1.2188 Intraday high
*PRICE: 1.2150 @ 15:35 GMT Aug 05
*SUP 1: 1.2080 Cycle low
*SUP 2: 1.2038 Bear channel base drawn off the high of May 6
*SUP 3: 1.2000 Psychological round number
*SUP 4: 1.1986 Low Jan 16 2017
Lack of Brexit headlines allowed GBPUSD to play catch up with EURUSD. Despite
this, the underlying bearish tone remains intact with immediate focus on last
Thursday's low at 1.2080, ahead of the psychological 1.20 level and
post-referendum lows at 1.1841. The 200-hma provides initial resistance at
1.2259, while a break of trendline resistance drawn off the May 6 high at 1.2438
is required to change the short-term outlook.

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