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CABLE TECHS: Resuming Downtrend
Despite rallying back above 1.30, GBPUSD pared gains through Europe before
basing around the 1.2950 area. The short-term downtrend remains intact with
bears focusing on a break of 1.28, opening the potential return to the Oct 31
low at 1.2699 & ytd low at 1.2662. Bulls need a break of 1.3175 to change the
outlook, bringing down trendline resistance off the June high at 1.3198 into
play, ahead of a run at the Sep highs of 1.3298.