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CABLE TECHS: Off Recent Lows
*RES 4: 1.3422 High Dec 16
*RES 3: 1.3338 High Dec 17
*RES 2: 1.3281/84 61.8% of the Dec 13 - Dec 23 decline / Dec 31 high
*RES 1: 1.3175 Intraday high
*PRICE: 1.3157 @ 16:17 GMT Jan 6
*SUP 1: 1.3054 Low Jan 3
*SUP 2: 1.2969 Low Dec 27
*SUP 3: 1.2905 Low Dec 23 and key support
*SUP 4: 1.2824 Low Nov 22
GBPUSD ended last week's session on a softer note. Despite the pullback, the S/T
outlook is bullish following the bounce between Dec 23 - Dec 31 and, Monday's
gains are encouraging. Recent highs stalled at 1.3281, 61.8% of the Dec 13 - Dec
23 decline. A clear breach of this level would open the recent Dec 13 high of
1.3514. Key support for now is 1.2905, a break is needed to resume the recent
bearish pressure. Initial support is 1.3054.