Whipping Around But Still Heading.......>

CABLE TECHS: Whipping Around But Still Heading Down

The pound has been whipping around in fairly thin markets this morning but focus

remains on the downside. The Nov 15 low of 1.2724 is in view just ahead of the

up trendline support from the Aug lows, which comes in at 1.2715. Below here the

August and Oct 30 lows at 1.2709/96 come into focus ahead of YTD lows at 1.2662.

A break of these levels would see support come in around June 2017's 1.2589. To

return to a more bullish outlook we need to see GBPUSD hold sustainably above

1.2911 (the 38.2% retracement from 1.2696-1.3258). Above here, we have the

50-dma at 1.2971 and the 100-dma/50% retracement at 1.2977.