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Approaching channel resistance: *RES....>

CABLE TECHS
CABLE TECHS: Approaching channel resistance:
*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: 1.2249 @ 08:12 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
GBPUSD holds above Friday's lows in early trade Monday. 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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