Bearish Below Former Trendline *RES.....>

CABLE TECHS: Bearish Below Former Trendline

*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: 1.2985 @ 10:27 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 although 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.