Death Cross GBPUSD breached 1.26 with...>

CABLE TECHS: Death Cross

GBPUSD breached 1.26 with the downtrend extending to multi-month lows of 1.2559.

The formation of a death cross could add further weight to the bearish tone with

near-term support at 1.2555/39 from the Jan 3 hourly low & lower 1.0% 10-dma

envelope. Below here opens a run at the psychological 1.25 level, ahead of the

Jan 3 ytd low at 1.2441. Bulls need to recover 1.2625/30 on a closing basis,

before challenging the May 28 high at 1.2702. Consolidation above would extend

the uptrend towards 1.2745/55, ahead of the May 21 high & 21-dma at 1.2813/21.