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CABLE TECHS: Sharp Pullback Exposes Trendline Support
*RES 4: 1.3338 High Dec 17
*RES 3: 1.3281/84 61.8% of the Dec 13 - Dec 23 decline / Dec 31 high
*RES 2: 1.3212 High Jan 7
*RES 1: 1.3215 High Feb 3
*PRICE: 1.3011 @ 06:20 GMT Feb 4
*SUP 1: 1.2978 Low Jan 30
*SUP 2: 1.2965/55 Trendline support drawn off the Sep 3 low / Low Jan 14
*SUP 3: 1.2905 Low Dec 23
*SUP 4: 1.2824 Low Nov 22
GBPUSD traded sharply lower Monday, more than erasing Friday's gains in the
process. The move below 1.3084 opens 1.2978/55 next. Note trendline support
drawn off the Sep 3 low we discussed last week intersects at 1.2965 today and
highlights the importance of support at 1.2955/65 from a trend perspective. A
break of the trendline would confirm a broader based bearish theme and open
1.2905 initially. Initial resistance is yesterday's 1.3215 high.

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