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CABLE TECHS: Key Support Lies At 1.2162
*RES 4: 1.2516 High May 4
*RES 3: 1.2467 High May 20 and key resistance
*RES 2: 1.2376 50-day EMA
*RES 1: 1.2363 High May 13
*PRICE: 1.2250 @ 06:01 BST May 28
*SUP 1: 1.2162 Low May 22
*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
Cable's Tuesday gains were easily lost Wednesday as markets reversed course yet
again. This reignites the recent bearish focus, but the upside argument still
holds with Cable trading above support at 1.2162, May 22 low. An ability to hold
above this support would maintain a bullish theme with attention on this week's
high of 1.2363, May 26. A break would pave the way for a climb towards 1.2467,
May 20 high. Sub 1.2162 levels would expose a deeper sell-off.