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Bulls given breathing room: *RES 3:.....>

CABLE TECHS
CABLE TECHS: Bulls given breathing room:
*RES 3: 1.2813 High May 21
*RES 2: 1.2763 High Jun 7 and key resistance
*RES 1: 1.2687 Trendline resistance drawn off the May 6 high
*PRICE: 1.2659 @ 19:02 GMT June 19
*SUP 1: 1.2500 Round number support
*SUP 2: 1.2476 Low Dec 12, 2018
*SUP 3: 1.2407 Low Jan 3 and major support
Pair was in recovery mode throughout the Wednesday session, receiving a further
boost from the dropping greenback at the tail-end of the day. Despite the Fed
influence, the GBP firming throughout, but the lack of a break above 1.2687 does
little to damage the medium-term outlook. Bearish conditions remain in place and
the focus is on the potential for a move towards 1.2500 with the Jan 3 low of
1.2407 also coming into view. Potential bullish divergence between price and
momentum on the daily frequency is developing, however this does not represent a
significant threat to bears at this stage.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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