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CABLE TECHS: Shallow Recovery
Soft domestic data release was the trigger to take GBPUSD back under 1.29. Bears
focus on a downside break of 1.2854 to regain control. Below here opens the Jan
21 low & 50% retracement level at 1.2831/29, ahead of the 50-dma at 1.2813.
Bulls need to recover the Feb 7 high at 1.2996 to reopen the 200-dma at 1.3020.
Above here would improve the outlook, with topside focus on a break of 1.3160
which would trigger a bullish pennant formation.