Bull channel break: *RES 4: 1.2418......>

CABLE TECHS: Bull channel break:

*RES 4: 1.2418 Low Jul 23

*RES 3: 1.2399 High Jul 29

*RES 2: 1.2373/82 50-dma / Low Jul 17

*RES 1: 1.2310 High Aug 27

*PRICE: 1.2272 @ 03:59 GMT Aug 28

*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 trades above the bull channel resistance drawn from the May 6 high. The

break of the channel top is bullish and with momentum studies rising, there is

an increased risk of further upside near-term. A push higher would open 1.2382

and the 1.2400 handle initially. A failure to extend gains and a push back below

support at 1.2195 would warn of a false break. This would result in the trend

adopting a more neutral tone and perhaps a resumption of bearish pressure.