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CABLE TECHS: Probes The 1.2921 Resistance
*RES 4: 1.3048 High Oct 5
*RES 3: 1.3013 High Oct 21 and bull trigger
*RES 2: 1.2976 High Oct 31
*RES 1: 1.292132 Trendline resistance drawn off Oct 21 high / Intraday high
*PRICE: 1.2923 @ 05:33 GMT Nov 18
*SUP 1: 1.2816 Low Nov 12
*SUP 2: 1.2769 Low Nov 8 and bear trigger
*SUP 3: 1.2703 200-day MA
*SUP 4: 1.2603 Low Oct 15
GBPUSD edged higher overnight to begin the week on a firmer note. The recent
focus has been on the potential for a move lower. A break of 1.2789, Oct 24 low
would trigger this and allow the steep uptrend that unfolded off the Oct 8 low
to unwind. However, prices are today probing resistance at 1.2921, a trendline
drawn off the Oct 21 high. A break would highlight a bull flag formation since
Oct 21 and instead signal a resumption of the uptrend. Support is at 1.2816.