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CABLE TECHS: Downside Risk Still Present
*RES 4: 1.3338 High Dec 17
*RES 3: 1.3281/84 61.8% of the Dec 13 - Dec 23 decline / Dec 31 high
*RES 2: 1.3212 High Jul 7
*RES 1: 1.3124 Jan 9 high
*PRICE: 1.3077 @ 16:57 GMT Jan 16
*SUP 1: 1.2955 Low Jan 14
*SUP 2: 1.2905 Low Dec 23 and key support
*SUP 3: 1.2824 Low Nov 22
*SUP 4: 1.2846 Trendline support drawn off the Sep 3 low
GBPUSD is marginally firmer. For now though near-term risk remains skewed to the
downside following the continued pullback that has unfolded since the Dec 31
high. Monday saw the pair breach support at 1.3013, the Jan 9 low. A deeper
retracement would open 1.2905, Dec 23 low and a key support. Note, trendline
support drawn off the Sep 3 low intersects at 1.2846. Price needs to trade above
1.3212, Jan 7 high to reinstate a bullish focus and expose 1.3284.