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Outlook Deteriorates *RES 4: 1.2778.....>

CABLE TECHS
CABLE TECHS: Outlook Deteriorates
*RES 4: 1.2778 76.4% retracement of the Mar 9 - 20 sell-off
*RES 3: 1.2726 Low Feb 28
*RES 2: 1.2648 High Apr 14 and the bull trigger
*RES 1: 1.2529 High Apr 16
*PRICE: 1.2290 @ 16:42 BST Apr 21
*SUP 1: 1.2215 2.0% 10-dma envelope
*SUP 2: 1.2166/67 Low Apr 7/Apr 21 and key support
*SUP 3: 1.2132 Low Mar 27
*SUP 4: 1.2030 50.0% retracement of the Mar 20 - Apr 14 rally
GBPUSD remains below 1.2648, Apr 14 high. The pullback from this level provides
some concern for bulls. The break of 1.2408 low, Apr 16 low has further damaged
the recent bullish theme. 1.2361, Apr 9 low has been breached and this has
exposed the key support at 1.2166, Apr 7 low. On the upside, the pair needs to
trade back above last Tuesday's 1.2648 high to reinstate a bullish theme. This
would open 1.2700 and 1.2778, 76.4% of the Mar 9 - 20 sell-off.

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