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Holding Onto Gains *RES 4: 1.2694.......>

CABLE TECHS
CABLE TECHS: Holding Onto Gains
*RES 4: 1.2694 200-dma
*RES 3: 1.2688 High Jun 16
*RES 2: 1.2599 61.8% retracement of the Jun 10 - 29 decline
*RES 1: 1.2592 High Jul 7
*PRICE: 1.2580 @ 16:49 BST Jul 7
*SUP 1: 1.2438 Low Jul 3
*SUP 2: 1.2360 Low Jul 1
*SUP 3: 1.2252 Low Jun 29
*SUP 4: 1.2250 76.4% retracement of the May 18 - Jun 10 rally
GBPUSD is consolidating and holding onto the bulk of recent gains. Prices last
week cleared both the 20- and 50-day EMAs and the 100-dma, keeping a firm
outlook in place, although some additional follow through is still required to
reinforce the break and its bullish significance. The move higher opens 1.2543
next, Jun 24 high, a break would expose 1.2599, a Fibonacci retracement. Key
support lies at 1.2252, Jun 29 low. Initial support is at 1.2438.

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