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Struggling for traction: *RES 4:........>

CABLE TECHS
CABLE TECHS: Struggling for traction:
*RES 4: 1.2784 High Jun 25 and key trigger for bulls
*RES 3: 1.2717/35 High Jul 1 / High Jun 28
*RES 2: 1.2629/67 100-hma/200-hma
*RES 1: 1.2600/06 High Jul 3 / High Jun 17
*PRICE: 1.2584 @ 08:29 GMT July 4
*SUP 1: 1.2557 Low Jul 3
*SUP 2: 1.2543/32 Low Jun 19/Lower 2% Bollinger Band
*SUP 3: 1.2506 Low Jun 18
*SUP 4: 1.2441 Low Jan 3
Soft UK construction PMI and in particular a services reading that is nearing
contraction territory, keeps sterling on the defensive. The focus is on the Jun
19 low at 1.2543 with key support at 1.2506, the Jun 18 low also exposed. A
break of this latter level would confirm a resumption of the bear trend and also
negate the recent bullish signal marked by the trendline break on Jun 20. On the
upside, initial resistance is seen at 1.2645/50 from a series of hourly highs.

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