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: 1.2383 @ 16:32 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 both the Wednesday and

Thursday sessions, 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.