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Approaching channel resistance: *RES....>

CABLE TECHS
CABLE TECHS: Approaching channel resistance:
*RES 4: 1.2418 Low Jul 23
*RES 3: 1.2399 High Jul 29
*RES 2: 1.2382/87 Low Jul 17 / 50-dma
*RES 1: 1.2294 High Aug 23 and bear channel top drawn off the May 6 high
*PRICE: 1.2266 @ 04:15 GMT Aug 26
*SUP 1: 1.2210 High Aug 6
*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 firmer. Price action is trading just ahead of the next key hurdle for
bulls, the top of the bull channel at 1.2294. 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 pave the way for strength towards 1.2382 and
the 1.2400 handle initially. A failure to clear the channel top and move below
1.2210 would instead result in the trend adopting a more neutral tone.

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