Consolidation Means Consolidation.......>

CABLE TECHS: Consolidation Means Consolidation

Wednesday's low at 1.2882 has provided resistance on Monday with last Monday's

low of 1.2828 providing support. Brexit headlines continue to dominate sterling

trading but no confirmation of a vote of no confidence for Theresa May has led

to the pound consolidating at the beginning of the week. Thursday's low of

1.2724 remains intact for now as does up trendline support from the Aug lows at

1.2704. To reignite upside momentum, bulls need to break above the 50%

retracement of 1.2696-1.3258/the 100-dma at 1.2977/16, opening the Nov 7 high at

1.3175, ahead of down trendline resistance off the June high at 1.3198. On the

downside, bears look to break below the Nov 15 low to open the Oct 30 low at

1.2696 & ytd low at 1.2662.