Pullback Likely A Correction *RES 4:....>

CABLE TECHS: Pullback Likely A Correction

*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: 1.3160 High Jan 3

*PRICE: 1.3082 @ 05:43 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

short-term outlook remains firm following the sharp bounce between Dec 23 and

Dec 31. Recent highs have thus far stalled at 1.3281, 61.8% of the Dec 13 - Dec

23 decline. A clear breach of this level would open the recent highs of 1.3514,

Dec 13 high. Key support for now is 1.2905, a break is needed to resume the

recent bearish pressure. Initial support is at 1.3054.