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False Break Returns Focus To Downside...>

CABLE TECHS
CABLE TECHS: False Break Returns Focus To Downside
After breaking briefly above 1.30 on Friday, GBPUSD gave back its gains to
return the focus to the downside. Bears target the  1.2800 level, a close below
here would trigger renewed selling pressure, bringing the ytd low at 1.2662 back
into view. Bulls need to close above the 50-dma at 1.3003 for the next leg
higher, a level which has been hard to overcome in recent sessions. Above here
shifts the outlook firmly bullish, suggesting a basing pattern has formed. 

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