New PM, new lows?: *RES 3: 1.2600.......>

CABLE TECHS: New PM, new lows?:

*RES 3: 1.2600 High Jul 3

*RES 2: 1.2558/61 High Jul 18 / Trendline drawn off the May 6 high

*RES 1: 1.2482/93 Intraday high / 200-hma

*PRICE: 1.2447 @ 15:27 GMT July 23

*SUP 1: 1.2418 Intraday low

*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

Dovish BoE Saunders and the formal appointment of Boris Johnson as the Prime

Minister-in-waiting further pressured sterling to keep the longer-term downtrend

intact. Focus returns to the multi-year low bear trigger at 1.2382, a break

opens 1.2351, ahead of the psychological 1.2300 level. Bulls need to recover

1.2558/61, before challenging key resistance at 1.2582, the high of Jul 15. A

break above this level is required to relieve some bearish pressure and allow

for a short-term corrective bounce. Note this would also result in a break of a

trendline drawn off the May 6 high.