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CABLE TECHS: Headline risk evident as rate bursts on Brexit news:
*RES 4: 1.2670 50% retracement of the Mar 13 - Sep 3 decline
*RES 3: 1.2582 High Sep 20 / High Jul 15 and bull trigger
*RES 2: 1.2503 High Sep 24
*RES 1: 1.2381 High Sep 26
*PRICE: 1.2296 @ 16:24 GMT Oct 1
*SUP 1: 1.2207 Intraday low
*SUP 2: 1.2197 61.8% Sep 3 - Sep 20 rise
*SUP 3: 1.2106 76.4% Sep 3 - Sep 20 rise
*SUP 4: 1.2079 Low Sep 4
The pair broke back below the 50-dma Tuesday. This all changed, however, as the
rate burst back above 1.23 on reports that the EU could accept a time limit to
the NI backstop. Over the medium-term, this does little to change the technical
outlook, but spares the pair from a bearish breakout just yet. A clear break
below the 50-dma opens a deeper correction towards 1.2197, the 61.8%
retracement. A move above 1.2381 resistance would be encouraging for bulls.