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Rough ride for bulls: *RES 3: 1.2399....>

CABLE TECHS
CABLE TECHS: Rough ride for bulls:
*RES 3: 1.2399 High Jul 29
*RES 2: 1.2373/82 50-dma / Low Jul 17
*RES 1: 1.2310 High Aug 27
*PRICE: 1.2188 @ 09:15 GMT Aug 28
*SUP 1: 1.2157 Intraday low
*SUP 2: 1.2066 10-dma 1% envelope
*SUP 3: 1.2065 Low Aug 20 and key near term support
Bulls were once again betrayed by technical signals Wednesday, as negative
Brexit news dragged the pair lower despite trading above bull channel resistance
drawn from the May 6 high. Without a swift recovery from today's lows of 1.2157,
the bullish momentum studies will fade, lessening the risk of further upside
near-term. A push higher would open 1.2382 and the 1.2400 handle initially.
Today's moves see the pair adopt a more neutral tone and a resumption of bearish
pressure would come below 1.2150 support.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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