Heavy Despite Bounce *RES 3: 1.2543.....>

CABLE TECHS: Heavy Despite Bounce

*RES 3: 1.2543 High Jun 24 and key near-term resistance

*RES 2: 1.2478 100-dma

*RES 1: 1.2392 High Jun 30

*PRICE: 1.2372 @ 17:15 BST Jun 30

*SUP 1: 1.2252 Low Jun 29

*SUP 2: 1.2250 76.4% retracement of the May 18 - Jun 10 rally

*SUP 3: 1.2188 2.0% 10-dma envelope

The bearish GBPUSD momentum evident at the Friday close carried through Monday

and most of Tuesday before the pair staged a decent intraday bounce ahead of the

1.2252 Monday low (a few pips above a Fibonacci support at 1.2250). A break of

the retracement would pave the way for a test of 1.2162, May 22 low. For bulls

to establish a firmer footing, the pair needs to climb back above the 100-dma at

1.2478 and through 1.2543, Jun 24 high to challenge resistance at 1.2688, Jun 16

high.