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Bullish divergence: *RES 4:1.2313/82....>

CABLE TECHS
CABLE TECHS: Bullish divergence:
*RES 4:1.2313/82 50-dma / Low Jul 17
*RES 3: 1.2310 High Aug 27 and key resistance
*RES 2: 1.2216 Bull channel top drawn off the May 6 high
*RES 1: 1.2175 High Sep 2
*PRICE: 1.2101 @ 04:34 GMT Sep 4
*SUP 1: 1.1959 Cycle low Sep 3
*SUP 2: 1.1941 10-dma 2% envelope
*SUP 3: 1.1841 Post-Brexit Referendum Low
*SUP 4: 1.1782 Bear channel base drawn off the May 6 high
GBPUSD traded to a fresh YTD and cycle low yesterday at 1.1959 before staging a
recovery. A number of bullish signals have surfaced. In candle terms, yesterday
is a hammer reversal. This is potentially important given that bullish
divergence between price and momentum is developing. Whether yesterday marks a
turning point, even a short-term one, will now hinge on bulls' ability to clear
the 1.2216 bull channel top. For bears, sub 1.1959 resumes the downtrend.

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