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CABLE TECHS: Downtrend intact:
*RES 3: 1.2242/50 Upper 1.0% 10-dma env / High Jul 31
*RES 2: 1.2210 High Aug 6 and key resistance
*RES 1: 1.2125/52 200-hma / High Aug 9
*PRICE: 1.2067 @ 08:36 GMT Aug 13
*SUP 1: 1.2015 Low Aug12
*SUP 2: 1.2000 Psychological round number
*SUP 3: 1.1986 Low Jan 16 2017
*SUP 4: 1.1960 Bear channel base drawn off the May 6 high
Despite the solid UK jobs report, GBPUSD remains locked in the longer-term
downtrend. The price sequence of lower lows and lower highs remains in place and
momentum conditions 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 post-referendum low at 1.1841. Bulls need to clear the previously hard to
overcome 1.2205/10 area to signal a S/T reversal.