All eyes on trendline resistance:.......>

CABLE TECHS: All eyes on trendline resistance:

*RES 4: 1.2418 Low Jul 23

*RES 3: 1.2399 High Jul 29

*RES 2: 1.2379/82 50-dma / Low Jul 17

*RES 1: 1.2283/94 Top of the bear channel drawn off the May 6 high / High Aug 23

*PRICE: 1.2211 @ 03:36 GMT Aug 27

*SUP 1: 1.2195 Low Aug 23

*SUP 2: 1.2179 High Aug 20

*SUP 3: 1.2065 Low Aug 20 and key near term support

*SUP 4: 1.2015 Low Aug12 and bear trigger

GBPUSD is finding resistance just ahead of the top of the bull channel, today at

1.2283. The channel is drawn off the May 6 high. A break would mark an important

bullish development. With momentum studies in a bull mode, a breakout would open

1.2382 and the 1.2400 handle initially. A failure to clear the channel top and a

move below 1.2195 would instead result in the trend adopting a more neutral tone

and even perhaps a resumption of bearish pressure.