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Fades, but no bearish breakout: *RES....>

CABLE TECHS
CABLE TECHS: Fades, but no bearish breakout:
*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: 1.2229 @ 15:42 GMT Aug 26
*SUP 1: 1.2208 Intraday low
*SUP 2: 1.2179 High Aug 20
*SUP 3: 1.2065 Low Aug 20 and key near term support
GBPUSD held well above Friday's lows Monday, but momentum faltered before any
challenge on 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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