Bearish Threat *RES 4: 1.2516 High......>

CABLE TECHS: Bearish Threat

*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: 1.2304 20-day EMA

*PRICE: 1.2185 @ 16:15 BST May 22

*SUP 1: 1.2162 Intraday low

*SUP 2: 1.2076 Low May 18 and bear trigger

*SUP 3: 1.2030 50% retracement of the Mar 20 - Apr 14 rally

*SUP 4: 1.2000 Round number support

The Cable outlook remains bearish and recent gains have likely been a

correction. A bearish theme follows the recent break of support at 1.2166, Apr 7

low. This confirmed a range breakout and signals scope for a deeper decline

towards 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. 1.2304 is the

next resistance, the 20-day EMA.