Dip Buying Under 1.27 GBPUSD............>

CABLE TECHS: Dip Buying Under 1.27

GBPUSD encountered renewed dip buying under 1.27 with momentum-type accounts

extending the rally initially to 1.2750, before Brexit headlines drove prices

(briefly) north of 1.2800. Despite this, the longer-term downtrend remains

intact with bears targeting a break of the 2018 low at 1.2662. Below here lies

the measured move target from the double top formation down at 1.2500. Bulls

initially need to recover the upper bound of the downtrend channel at 1.2944 to

shift the outlook neutral, before challenging up trendline resistance & 100-dma

at 1.3047.