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CABLE TECHS: Momentum Shift
*RES 3: 1.3281/84 61.8% of the Dec 13 - Dec 23 decline / Dec 31 high
*RES 2: 1.3212 High Jan 7
*RES 1: 1.3153 High Jan 22
*PRICE: 1.3132 @ 17:04 GMT Jan 22
*SUP 1: 1.2955 Low Jan 14
*SUP 2: 1.2905 Low Dec 23 and key support
*SUP 3: 1.2824 Low Nov 22
GBPUSD had a stellar session Wednesday, extending the gains seen earlier in the
week to hit the best level since January 8th. The break above the Friday high
works in bulls' favour here and weakens the downside argument that's dominated
since Dec 31. Bulls now target 1.3212 initially before 1.3281 Fib resistance. A
reversal lower is still highly possible, however. The initial trigger for
weakness is 1.2955, the Jan 14 low. Trendline support drawn off the Sep 3 low
intersects at 1.2883 and represents a key level.