Downside Threat Remains In Place *RES...>

CABLE TECHS: Downside Threat Remains In Place

*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: 1.3118 High Jan 17

*PRICE: 1.2994 @ 14:31 GMT Jan 20

*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: 1.2874 Trendline support drawn off the Sep 3 low

GBPUSD near-term risk remains skewed to the downside following the bearish theme

that has unfolded since the Dec 31 high. A deeper retracement would open 1.2905,

Dec 23 low and also a key support. The initial trigger for weakness is 1.2955,

Jan 14 low. Note, trendline support drawn off the Sep 3 low intersects at

1.2874. Price needs to trade above 1.3118, Jan 17 high to ease the bearish

threat.