Longer-term downtrend intact: *RES 4:...>

CABLE TECHS: Longer-term downtrend intact:

*RES 4: 1.2630 61.8% retracement of the decline between Jun 25-Jul 17

*RES 3: 1.2582 High Jul 15

*RES 2: 1.2558 High Jul 18

*RES 1: 1.2539 Trendline resistance drawn off the May 6 high

*PRICE: 1.2478 @ 08:29 GMT July 25

*SUP 1: 1.2418 Low Jul 23

*SUP 2: 1.2382 Low Jul 17 / Multi-year low

*SUP 3: 1.2352/51 1.618% swing of 1.2440-1.2582 / April 2017 low

*SUP 4: 1.2300 Round number support

Cable remains within its longer-term downtrend which exposes key support at

1.2382, the low of Jul 17. A break here would confirm a resumption of the

downtrend and extend the price sequence of lower lows and lower highs. Bulls

need to recover 1.2558, before challenging 1.2582, the high of Jul 15. A break

above this area is required to signal a reversal. Note, this would also result

in a trendline break drawn off the May 6 high.