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Outlook Remains Bullish


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CABLE TECHS: 1.3070 Key Resistance Remains Intact
*RES 4: 1.3215 High Feb 3 and key resistance
*RES 3: 1.3129 76.4% retracement of the Feb 3 - Feb 20 decline
*RES 2: 1.3070/75 High Feb 13 / 61.8% of the Feb 3 - Feb 20 decline
*RES 1: 1.3033/70 50-dma / High Feb 5 and 13
*PRICE: 1.2925 @ 16:49 GMT Feb 26
*SUP 1: 1.2849 Low Feb 20 and key support
*SUP 2: 1.2828 1.0% 10-dma envelope
*SUP 3: 1.2824 Low Nov 22
*SUP 4: 1.2769 Low Nov 8
GBPUSD traded lower Wednesday. The recovery off last Thursday's low remains
encouraging for bulls, although stronger gains are still required to strengthen
a bullish argument. Attention is on resistance at 1.3070, Feb 13 high. A break
of this level would be positive and signal scope for an extension towards
1.3215, Feb 3 high and also a key resistance. While 1.3070 remains intact, a
bearish threat remains in place. Sub 1.2849 levels would resume the downtrend.

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