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

CABLE TECHS
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.

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