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Sharp Pullback *RES 3: 1.3281/84........>

CABLE TECHS
CABLE TECHS: Sharp Pullback
*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 Intraday high
*PRICE: 1.3007 @ 16:32 GMT Feb 3
*SUP 1: 1.2978 Low Jan 30
*SUP 2: 1.2955/56 Low Jan 14 / Trendline support drawn off the Sep 3 low
*SUP 3: 1.2905 Low Dec 23
GBPUSD traded sharply lower Monday, more than erasing all of Friday's gains in
the process. The move below 1.3084 opens 1.3000 and 1.2978/55. Note trendline
support drawn off the Sep 3 low we discussed last week intersects at 1.2956
today and highlights the importance of support at 1.2955/56 from a trend
perspective. A break of the trendline would confirm a broader based bearish
theme and open 1.2905 initially. Initial resistance is Monday's 1.3215 intraday
high.

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