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Downtrend intact: *RES 3: 1.2233/50.....>

CABLE TECHS
CABLE TECHS: Downtrend intact:
*RES 3: 1.2233/50 Upper 1.0% 10-dma env / High Jul 31
*RES 2: 1.2210 High Aug 6 and key resistance
*RES 1: 1.2117/52 200-hma / High Aug 9
*PRICE: 1.2070 @ 15:08 GMT Aug 14
*SUP 1: 1.2015 Low Aug12
*SUP 2: 1.2000 Psychological round number
*SUP 3: 1.1986 Low Jan 16 2017
Despite improved headline UK CPI & Core readings, GBPUSD remains locked in its
longer-term downtrend with the price sequence of lower lows and lower highs
dominating the trend. Momentum studies are oversold however this does not
represent a concern for bears at this stage. Friday's break of support at 1.2080
further cemented bearish conditions and brings the psychological 1.2000 level
into view, ahead of the 1.1841 post-referendum low. Clearance of 1.2205/10 is
needed to signal a S/T reversal.

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