Downtrend remains intact: *RES 3:.......>

CABLE TECHS: Downtrend remains intact:

*RES 3: 1.2582 High Jul 15

*RES 2: 1.2558 High Jul 18

*RES 1: 1.2539 Trendline resistance drawn off the May 6 high

*PRICE: 1.2489 @ 15:16 GMT July 25

*SUP 1: 1.2465/57 Intraday low / High Jul 17

*SUP 2: 1.2418 Low Jul 23

*SUP 3: 1.2382 Low Jul 17 / Multi-year low

Despite squeezing back above 1.25, GBPUSD remains within its longer-term

downtrend which exposes key support at 1.2382, the low of Jul 17. A break here

would confirm a resumption of the downtrend and extend the price sequence of

lower lows and lower highs. Bulls need to recover 1.2558, before challenging

1.2582, the high of Jul 15. A break above this area is required to signal a

reversal. Note, this would also result in a trendline break drawn off the May 6

high.