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PM May Resigns GBPUSD based ahead of....>

CABLE TECHS
CABLE TECHS: PM May Resigns
GBPUSD based ahead of 1.26 yesterday with the recovery extending back through
1.2650. Broad-based dollar sales saw EURUSD break 1.12, GBPUSD played catch-up,
briefly traded above 1.27 on PM May resignation headlines, before fading. Bulls
need to clear the 1.2715/20 area, which has registered a previous series of
highs/lows. Further resistance is located on approach to 1.28, ahead of neckline
support-turned-resistance at 1.2900. Bears focus remains on the 1.26 level, with
a downside break likely to accelerate the move towards Jan 3 hourly support at
1.2555.

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