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No Recovery Just Yet *RES 4: 1.3338.....>

CABLE TECHS
CABLE TECHS: No Recovery Just Yet
*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: 1.3004 @ 16:27 GMT Jan 14
*SUP 1: 1.2955 Intraday low
*SUP 2: 1.2905 Low Dec 23 and key support
*SUP 3: 1.2824 Low Nov 22
*SUP 4: 1.2828 Trendline support drawn off the Sep 3 low
GBPUSD remains under pressure. Monday saw the pair breach support at 1.3013, the
Jan 9 low. The near-term risk is still skewed to the downside following the
continued pullback that has unfolded since the Dec 31 high. A deeper retracement
opens 1.2905, Dec 23 low and a key support. Note, trendline support drawn off
the Sep 3 low intersects at 1.2828. Price needs to return above 1.3212, Jan 7
high to reinstate a bullish focus.

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