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Still Heavy Despite Bounce *RES 4:......>

CABLE TECHS
CABLE TECHS: Still Heavy Despite Bounce
*RES 4: 1.2688 High Jun 16
*RES 3: 1.2543 High Jun 24 and key near-term resistance
*RES 2: 1.2472 100-dma
*RES 1: 1.2449 20- and 50-day EMAs
*PRICE: 1.2397 @ 10:36 BST Jul 1
*SUP 1: 1.2252 Low Jun 29
*SUP 2: 1.2250 76.4% retracement of the May 18 - Jun 10 rally
*SUP 3: 1.2171 2.0% 10-dma envelope
*SUP 4: 1.2112 50% retracement of the Mar - Jun recovery
GBPUSD recovered yesterday. A bearish risk is still present and the focus is on
1.2252, Monday's low and the Fibonacci level at 1.2250. A break of the latter
would open 1.2162, May 22 low. For bulls to establish a firmer footing,
clearance of the 100-dma at 1.2472 and 1.2543, Jun 24 high is required.
Yesterday's pattern is a bullish engulfing candle and highlights a potential
base. Additional reinforcing evidence is required though to confirm a reversal.

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