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Bearish Retracement *RES 4: 1.2755......>

CABLE TECHS
CABLE TECHS: Bearish Retracement
*RES 4: 1.2755 High Jun 11
*RES 3: 1.2688 High Jun 16
*RES 2: 1.2543 High Jun 24 and key near-term resistance
*RES 1: 1.2484 100-dma
*PRICE: 1.2269 @ 16:28 BST Jun 29
*SUP 1: 1.2252 Low Jun 29
*SUP 2: 1.2250 76.4% retracement of the May 18 - Jun 10 rally
*SUP 3: 1.2185 2.0% 10-dma envelope
*SUP 4: 1.2112 50% Mar - Jun recovery
Bearish momentum evident at the Friday close followed through into Monday trade,
with GBP/USD slipping to new June lows of 1.2252, just a few pips above a Fib
support at 1.2250. If cleared, this would pave the way for a test of 1.2162, May
22 low. For bulls to establish a firmer footing, the pair needs to climb back
above the 100-dma at 1.2484 and 1.2543, Jun 24 high to challenge resistance at
1.2688, Jun 16 high.

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