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Bears under pressure: *RES 4: 1.2382....>

CABLE TECHS
CABLE TECHS: Bears under pressure:
*RES 4: 1.2382 Low Jul 17
*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: 1.2109/52 200-hma / High Aug 9
*PRICE: 1.2110 @ 14:41 GMT Aug 15
*SUP 1: 1.2015 Low Aug12
*SUP 2: 1.2000 Psychological round number
*SUP 3: 1.1986 Low Jan 16 2017
*SUP 4: 1.1938 Bear channel base drawn off the May 6 high
After moving as high as 1.2151, GBPUSD has gravitated back towards the 200-hma
after almost touching the August 9 high. This leaves the near-term outlook as
mildly bearish but breaks the cycle of lower lows and lower highs. 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.
Clearance of 1.2210 is needed to signal a short-term reversal.

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