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CABLE TECHS: Watch Trendline Resistance At 1.2925
*RES 4: 1.3013 High Oct 21 and bull trigger
*RES 3: 1.2976 High Oct 31
*RES 2: 1.2925 Trendline resistance drawn off Oct 21 high
*RES 1: 1.2898 High Nov 11
*PRICE: 1.2875 @ 18:08 GMT Nov 14
*SUP 1: 1.2769 Low Nov 8 and bear trigger
*SUP 2: 1.2704 200-day MA
*SUP 3: 1.2603 Low Oct 15
*SUP 4: 1.2582 High Sep 20 and former breakout point
The near-term risk in GBPUSD remains skewed to the downside following the recent
breach of support at 1.2789, Oct 24 low. A move lower would allow the steep
uptrend that unfolded off the Oct 8 low to unwind further before bullish
activity resumes. Attention is on 1.2704, the 200-DMA and 1.2603, Oct 15 low.
Resistance is at 1.2930, a trendline drawn off the Oct 21 high. Note, a break
higher would highlight a bull flag formation and resume the uptrend.