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Upper End of Range *RES 3: 1.2755.......>

CABLE TECHS
CABLE TECHS: Upper End of Range
*RES 3: 1.2755 High Jun 11
*RES 2: 1.2704 200-dma
*RES 1: 1.2670/88 High Jul 9 / High Jun 16
*PRICE: 1.2617 @ 16:50 BST Jul 16
*SUP 1: 1.2485/80 50-day EMA / Low Jul 14
*SUP 2: 1.2438 Low Jul 3 and key near-term support
*SUP 3: 1.2360 Low Jul 1
GBPUSD bounced into the London close, although is yet to take out the Wednesday
high. This keeps the technical picture largely unchanged and attention is on
1.2670, Jul 9 peak. A break would confirm a resumption of the recovery that has
been in place since Jun 29 and pave the way for strength towards 1.2813, Jun 10
high. Moving average studies maintain a bullish position reinforcing the current
positive outlook. A move below 1.2480 though would threaten the current bullish
cycle.

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