Tug of War Continues The tug of war.....>

CABLE TECHS: Tug of War Continues

The tug of war continues between the down trendline from the July 9 high and the

short-term up trend channel. Yesterday GBPUSD fell back to the 200-dma, just

above the trend channel support and although it is moving a little higher today,

the near-term outlook remains neutral. A close below here would shift the

outlook bearish and allow a challenge of the 1.1300 area which marks the Jan 17

high and up trendline support. Below here would shift the focus back to the 1.28

level. On the upside a break above the down trendline at 1.3183 comes ahead of

Friday's high at 1.3217 and a move through here opens the Sep 20 high at 1.3298.