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CABLE TECHS: Downside Risk Remains
*RES 4: 1.3013 High Oct 21 and bull trigger
*RES 3: 1.2976 High Oct 31
*RES 2: 1.2925 Trendline resistance drawn off Oct 21 high
*RES 1: 1.2898 High Nov 11
*PRICE: 1.2875 @ 10:21 GMT Nov 15
*SUP 1: 1.2769 Low Nov 8 and bear trigger
*SUP 2: 1.2703 200-day MA
*SUP 3: 1.2603 Low Oct 15
*SUP 4: 1.2582 High Sep 20 and former breakout point
GBPUSD is unchanged with the near term risk still skewed to the downside. A move
below 1.2789, Oct 24 low would allow the steep uptrend that unfolded off the Oct
8 low to unwind further before bullish activity resumes. Attention is on 1.2703,
the 200-DMA and 1.2603, Oct 15 low. Resistance is at 1.2925, a trendline drawn
off the Oct 21 high. A break through this level would highlight a bull flag
formation and signal a resumption of the uptrend.