Testing and Topping The 50-day EMA......>

CABLE TECHS: Testing and Topping The 50-day EMA

*RES 4: 1.2601 High May 1

*RES 3: 1.2516 High May 4

*RES 2: 1.2467 High May 20 and key resistance

*RES 1: 1.2426 Intraday high

*PRICE: 1.2398 @ 09:34 BST Jun 1

*SUP 1: 1.2206 Low May 27

*SUP 2: 1.2162 Low May 22

*SUP 3: 1.2076 Low May 18 and bear trigger

*SUP 4: 1.2030 50% retracement of the Mar 20 - Apr 14 rally

GBPUSD traded higher overnight and is starting the week on a firm note, topping

the 50-day EMA at 1.2372 in the process. With the recovery off the May 18 low

still in place, attention is on resistance at 1.2467, the May 8 high as the

first upside target. A break would open 1.2468, Apr high, also a key resistance.

If the pair turns lower from here though, the recent bearish focus will come

back into play. A break of 1.2162, May 22 low would open 1.2076, May 18 low.