Stalling Momentum, but Upside Channel...>

CABLE TECHS: Stalling Momentum, but Upside Channel Remains

GBPUSD traded above the down trendline resistance from the July 9 high on Friday

but has fallen back below today. Although the upside momentum has stalled, the

short-term up trend channel remains in place. A convincing break of the down

trendline resistance will allow GBPUSD to move to the top of the channel, which

comes in just below the mid-Oct highs at 1.3256/58. Above here would open the

Sep 20 high at 1.3298. Bears need a close back below the 200dma at 1.3056 to

gain some breathing room, while a close back below 1.2986, which marks uptrend

support from the Jan 3 lows, would put focus back on the 1.28 level.