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Downtrend intact, despite modest........>

CABLE TECHS: Downtrend intact, despite modest uptick:
*RES 3: 1.2460 High Jul 26
*RES 2: 1.2382 Low Jul 17
*RES 1: 1.2157 Lower 1.0% 10-dma env
*PRICE: 1.2156 @ 04:39 GMT Aug 05
*SUP 1: 1.2080 Cycle low
*SUP 2: 1.2027 Bear channel base drawn off the high of May 6
*SUP 3: 1.2000 Psychological round number
Having printed as low as 1.2080 Thursday, the pair was spared from further
losses on Friday. Bulls will look to build from here, targeting the nearby lower
1.0% 10-dma envelope at 1.2157 before 1.2250 and last week's high at 1.2399. The
overarching downtrend remains intact, however, with post-referendum lows of
1.1841 still eyed.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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