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S/T Outlook Appears To Have.............>

CABLE TECHS
CABLE TECHS: S/T Outlook Appears To Have Deteriorated
*RES 4: 1.2726 Low Feb 28
*RES 3: 1.2648 High Apr 14 and the bull trigger
*RES 2: 1.2529 High Apr 16 and key intraday resistance
*RES 1: 1.2448 High Apr 21
*PRICE: 1.2330 @ 16:43 BST Apr 22
*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 held below the Tuesday opening levels throughout Wednesday trade, denting
the near-term outlook once again. The recent pullback from 1.2648, Apr 14 high
signalled a concern for bulls while yesterday's break of 1.2408 low, Apr 16 low
has essentially confirmed a S/T reversal. The focus is on 1.2166, Apr 7 low. A
break would suggest scope for a deeper pullback towards 1.2030, a Fibonacci
retracement. Initial resistance is at Tuesday's 1.2448 high.

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