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CABLE TECHS: Enters A Corrective Phase
*RES 4: 1.3159/68 200-WMA, 50.0% of Apr 2018 - Sep 2019 decline
*RES 3: 1.3080 High May 8
*RES 2: 1.3045 76.4% retracement of Mar 13 - Sep 3 decline
*RES 1: 1.3013 High Oct 21
*PRICE: 1.2863 @ 04:54 GMT Oct 23
*SUP 1: 1.2840 Low Oct 18
*SUP 2: 1.2750/16 Low Oct 17 / 200-DMA
*SUP 3: 1.2603 Low Oct 15
*SUP 4: 1.2516 Low Oct 14
GBPUSD has entered a corrective phase allowing the overbought condition in
momentum to unwind. From a trend perspective, the outlook remains bullish with
the upside trigger at 1.3013, Oct 21 high. It is possible though we'll see a
deeper corrective pullback unfold before bullish activity resumes, as the recent
uptrend has been steep. Support is seen around 1.2716, the 200-DMA and 1.2603,
Oct 15 low. Clearance of 1.3013 would see the uptrend resume.