S/T Outlook Still Bearish *RES 4:.......>

CABLE TECHS: S/T Outlook Still Bearish

*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: 1.2340 @ 10:28 BST Apr 23

*SUP 1: 1.2248/10 Low Apr 21 / 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's session,

denting the near-term outlook once again. The recent pullback from 1.2648, Apr

14 high signalled a concern for bulls while Wednesday'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.