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Bearish Theme Remains Intact *RES 4:....>

CABLE TECHS
CABLE TECHS: Bearish Theme Remains Intact
*RES 4: 1.2516 High May 4
*RES 3: 1.2467 High May 20 and key resistance
*RES 2: 1.2340 High May 13
*RES 1: 1.2242 High May 14
*PRICE: 1.2205 @ 05:59 BST May 19
*SUP 1: 1.2076 Low May 18
*SUP 2: 1.2030 50% retracement of the Mar 20 - Apr 14 rally
*SUP 3: 1.2000 Round number support
*SUP 4: 1.1884 61.8% retracement of the Mar 20 - Apr 14 rally
Cable last week cleared support at 1.2166, Apr 7 low and the pair remains weak
despite yesterday's recovery. The breach of 1.2166 confirmed a range breakout
reinforcing the current bearish theme and signals scope for a deeper decline.
This opens 1.2030 next, and the psychological 1.2000 level. A break of 1.2000
would open 1.1884, the 61.8% retracement of the Mar 20 - Apr 14 rally. On the
upside, resistance resides at 1.2242.

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