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Inverted head and shoulders?: *RES 3:...>

CABLE TECHS: Inverted head and shoulders?:
*RES 3: 1.2784 High Jun 25 and key short-term bull trigger
*RES 2: 1.2717/35 Intraday high/High Jun 28
*SUP 1: 1.2685/98 100-hma/200-hma
*PRICE: 1.2647 @ 16:35 BST July1
*SUP 1: 1.2632 Intraday low
*SUP 2: 1.2564 Lower 2% Bollinger Band
*SUP 3: 1.2554 Former trendline resistance, now support
Broad-based dollar demand with added weak mfg PMI data extended the corrective
pullback through 1.2650. Despite this GBPUSD technical conditions remain bullish
following the recent trendline break on Jun 20. Furthermore, there does appear
to be an inverted head and shoulders formation developing on the daily chart.
Key will be whether resistance at 1.2784, the Jun 25 high is breached this week.
This would confirm a break of the neckline and confirm the pattern, highlighting
a trend reversal. On the downside, initial support lies at 1.2606 from the Jun
17 high.

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