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Heavy Following 1.2789 Break *RES 4:....>

CABLE TECHS
CABLE TECHS: Heavy Following 1.2789 Break
*RES 4: 1.3013 High Oct 21 and bull trigger
*RES 3: 1.2976 High Oct 31
*RES 2: 1.2946 Trendline resistance drawn off Oct 21 high
*RES 1: 1.2878 High Nov 7
*PRICE: 1.2794 @ 05:37 GMT Nov 11
*SUP 1: 1.2750 Low Oct 17
*SUP 2: 1.2705 200-day MA
*SUP 3: 1.2603 Low Oct 15
*SUP 4: 1.2582 High Sep 20 and former breakout point
GBPUSD traded in a bearish manner last week and importantly cleared former
support at 1.2789, Oct 24 low. From a directional perspective, we see scope for
a continued weakness and potentially a deeper sell-off before any bullish
activity resumes, as the uptrend since Oct 8 has been steep. The breach Friday
of 1.2789 reinforces this possibility. Attention is on 1.2705, the 200-DMA and
1.2603, Oct 15 low. Initial resistance is seen at 1.2878.

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