(U18) Breaking Above...........>

SHORT-STERLING TECHS: (U18) Breaking Above Resistance 

*RES 4: 99.220 High June 26

*RES 3: 99.205 High July 18 

*RES 2: 99.196 55-DMA 

*RES 1: 99.165 200-DMA 

*PREVIOUS CLOSE: 99.165 

*SUP 1: 99.162 Channel resistance from May 31 high now support 

*SUP 2: 99.154 21-DMA 

*SUP 3: 99.150 Lows July 5 & 23 

*SUP 4: 99.125 Lows August 2 

Short sterling is tentatively breaking above key downtrend resistance from the

May 31 high, with bulls now looking to target the 55-DMA at 99.196. the entire

decline from the May 31 low appears corrective in nature, and a resumption of

the bullish trend from the March lows risks maybe resuming. On the downside,

bears need to close back below channel resistance-turned-support at 99.126 to

reaffirm the downward trend and put the focus back on the August 2 lows.