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Bearish Below Former Trendline..........>

CABLE TECHS
CABLE TECHS: Bearish Below Former Trendline Support
*RES 4: 1.3212 High Jan 7
*RES 3: 1.3215 High Feb 3 and key S/T resistance
*RES 2: 1.3070 High Feb 5 and key near-term resistance
*RES 1: 1.3020 Former trendline support drawn off the Sep 3 low
*PRICE: 1.2965 @ 05:35 GMT Feb 12
*SUP 1: 1.2872 Low Feb 10
*SUP 2: 1.2824 Low Nov 22
*SUP 3: 1.2769 Low Nov 8
*SUP 4: 1.2736 50% retracement of the Sep 3 - Dec 13 rally
GBPUSD has found some support this week however for now the pair remains
vulnerable. This follows the break of trendline support last week, drawn off the
Sep 3 low. A key short-term resistance exists at 1.3020, the former trendline.
As long as this level remains intact, the outlook is bearish. A break of
Monday's low of 1.2872 would confirm a resumption of weakness and open 1.2824,
the Nov 22 low. Bulls need a clear break above 1.3020 for encouragement.

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