Still Favour A Near-Term Bounce *RES....>

CABLE TECHS: Still Favour A Near-Term Bounce

*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: 1.3173 High Jan 24

*PRICE: 1.3056 @ 05:42 GMT Jan 28

*SUP 1: 1.2955 Low Jan 14

*SUP 2: 1.2920/05 Trendline support drawn off the Sep 3 low / Low Dec 23

*SUP 3: 1.2824 Low Nov 22

*SUP 4: 1.2769 Low Nov 8

GBPUSD is unchanged. Last week's gains stalled at 1.3173 on Jan 24. However

despite this, the short-term focus is on the potential bullish significance of

the recent break of 1.3118, Jan 17 high. A rebound would see bulls target 1.3212

next ahead of the 1.3281 Fibonacci resistance area. A reversal lower still

remains a possibility though. The initial trigger for weakness is 1.2955, the

Jan 14 low. Trendline support, drawn off the Sep 3 low is at 1.2920.