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Downtrend still in play: *RES 4:........>

CABLE TECHS: Downtrend still in play:
*RES 4: 1.2439/60 Trendline off May 6 high/High Jul 26
*RES 3: 1.2382 Low Jul 17
*RES 2: 1.2250 High Jul 31
*RES 1: 1.2198/2210 200-hma/ High 06
*PRICE: 1.2167 @ 05:24 GMT Aug 07
*SUP 1: 1.2080 Cycle low
*SUP 2: 1.2004 Bear channel base drawn off the May 6 high
*SUP 3: 1.2000 Psychological round number
*SUP 4: 1.1986 Low Jan 16 2017
Recovery efforts have so far remained shallow and keeps the longer-term
downtrend intact. Focus remains on last Thursday's low at 1.2080, ahead of the
psychological 1.20 level and post-referendum lows at 1.1841. The 200-hma at
1.2198 provides the initial point of resistance, while a break of trendline
resistance drawn off the May 6 high at 1.2439 is required to change the
short-term outlook.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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