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Defensive Tone Ahead of The Weekend.....>

CABLE TECHS
CABLE TECHS: Defensive Tone Ahead of The Weekend
Sterling remains defensive amid the backdrop of UK politics & Brexit
uncertainty. GBPUSD continues to be sold on rallies and holds toward the base of
its narrow range. This brings the 61.8% retracement of 1.2559-1.2763 & pivotal
support line off Mar highs into view at 1.2637/31. Below here opens a run at the
1.26 level, ahead of the May 31 low at 1.2559. Bulls need to clear 1.2700/10
(series of hourly highs/lows through June), before challenging the 1.2755/65
area. Above here opens a run at the 1.28 level, with any move through 1.2813
triggering a bullish reversal.

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