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Modest recovery spares fresh cycle......>

CABLE TECHS
CABLE TECHS: Modest recovery spares fresh cycle lows:
*RES 3: 1.2494 Trendline resistance drawn off the May 6 high
*RES 2: 1.2460 High Jul 26
*RES 1: 1.2382 Low Jul 17
*PRICE: 1.2156 @ 19:42 GMT July 31
*SUP 1: 1.2110 Mar 14 2017 low
*SUP 2: 1.2060 Bear channel base drawn off the high of May 6
*SUP 3: 1.2000 Psychological round number
The Fed decision prompted some inevitable volatility Wednesday, but the pair was
somewhat spared from the USD rally thanks to a modest short-covering rally in
European hours. Nonetheless, the recent impulsive sell-off has confirmed an
aggressive resumption of the downtrend with the most significant recent
technical break being the move below the Jan 3 low of 1.2441. With 1.2200
cleared, the focus shifts to 1.2110 next. A bear channel base lies at 1.2060,
marking a possible near-term support. The channel is drawn off the May 6 high.
Resistance is at 1.2382.

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