Relief rally: *RES 3: 1.2582 High Jul...>

CABLE TECHS: Relief rally:

*RES 3: 1.2582 High Jul 15

*RES 2: 1.2550/58 Trendline drawn off the May 6 high / High Jul 18

*RES 1: 1.2522 Intraday high

*PRICE: 1.2494 @ 16:04 GMT July 24

*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

Cable bucked the recent trend to finish the session higher and briefly north of

the 1.25 mark. This stabilises the near-term outlook somewhat, taking out the

200-hma in the process, but Wednesday's moves have so far not been enough to

turn the outlook more positive. The picture could quickly deteriorate further

should prices move below the bear trigger at 1.2382. A break of this support

would confirm a resumption of the downtrend and extend the price sequence of

lower lows and lower highs. Bulls need to recover 1.2558/61, before challenging

1.2582, the high of Jul 15.