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From bad to worse: *RES 3: 1.2399.......>

CABLE TECHS
CABLE TECHS: From bad to worse:
*RES 3: 1.2399 High Jul 29
*RES 2: 1.2336/82 50-dma / Low Jul 17
*RES 1: 1.2242/1.2310 Bull channel top drawn off the May 6 high / High Aug 27
*PRICE: 1.2062 @ 15:43 GMT Sep 2
*SUP 1: 1.2036 Intraday Low
*SUP 2: 1.2015 Low Aug12 and bear trigger
*SUP 3: 1.1949 10-dma 2% envelope
Monday's price action proved further that the trendline/channel break in GBPUSD
last Tuesday was a false one. The pair has since pulled back below 1.2200, with
a move south of the YTD lows at 1.2015 now a realistic prospect. The Aug 28
price action in Japanese candle terms is a bearish engulfing reversal and
reinforces the developing bearish threat that signals the end of the corrective
bounce between Aug 12 - Aug 27. Further weakness would open psychological
support at 1.20, with vol bands the only support of note ahead of 1.1841. A
break above last Tuesday's 1.2310 high is required to reinstate a bullish theme.

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