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Bears under pressure: *RES 3:...........>

CABLE TECHS
CABLE TECHS: Bears under pressure:
*RES 3: 1.2225/50 Upper 1.0% 10-dma env / High Jul 31
*RES 2: 1.2210 High Aug 6 and key resistance
*RES 1: 1.2111/52 200-hma / High Aug 9
*PRICE: 1.2081 @ 08:11 GMT Aug 15
*SUP 1: 1.2015 Low Aug12
*SUP 2: 1.2000 Psychological round number
*SUP 3: 1.1986 Low Jan 16 2017
GBPUSD edged higher in European hours, placing the bearish theme under pressure.
Should resistance at the 1.2111 give way this would go a long way to
neutralising the outlook. Otherwise, the pair remains locked in its downtrend
with the price sequence of lower lows and lower highs dominating the trend.
Momentum studies are oversold however this does not represent a concern for
bears at this stage. Last Friday's break of support at 1.2080 further cemented
bearish conditions and brings the psychological 1.2000 level into view, ahead of
the 1.1841 post-referendum low.

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