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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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CABLE TECHS: Range Breakout
*RES 4: 1.2643/48 High Apr 13 /High Apr 14 and the bull trigger
*RES 3: 1.2516 High May 4
*RES 2: 1.2467 High May 20 and key resistance
*RES 1: 1.2340 High May 13
*PRICE: 1.2222 @ 10:43 BST May 14
*SUP 1: 1.2166 Low Apr 7 and a key support
*SUP 2: 1.2030 50% retracement of the Mar 20 - Apr 14 rally
*SUP 3: 1.2000 Round number support
*SUP 4: 1.1884 61.8% retracement of the Mar 20 - Apr 14 rally
GBPUSD has eased through the key near-term support of 1.2248, Apr 21 low and the
base of the recent range. The break shifts the outlook negative for now and also
highlights a likely reversal exposing 1.2166 and below. Clearance of 1.2166
would open 1.2132, Mar 27 low and 1.2030, a retracement level. Firm resistance
has been defined at 1.2467, May 8 high. Initial resistance is at 1.2340,
yesterday's high.

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