Still Looking For A Base *RES 4:........>

CABLE TECHS: Still Looking For A Base

*RES 4: 1.3281/84 61.8% of the Dec 13 - Dec 23 decline / Dec 31 high

*RES 3: 1.3212 High Jan 7

*RES 2: 1.3173 High Jan 24

*RES 1: 1.3105 High Jan 27

*PRICE: 1.3013 @ 20:35 GMT Jan 29

*SUP 1: 1.2955 Low Jan 14

*SUP 2: 1.2929/05 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 traded lower yesterday but did find support at its low. Last week's gains

stalled at 1.3173 on Jan 24 however, despite the recent pullback the S/T 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 is still possible though. The initial trigger

for weakness is 1.2955, the Jan 14 low. Trendline support is at 1.2929.