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BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

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Bearish Focus

CABLE TECHS
  • RES 4: 1.3357 High Sep 3
  • RES 3: 1.3261 2.0% 10-dma envelope
  • RES 2: 1.3177 High Oct 21 and the bull trigger
  • RES 1: 1.3140 High Nov 4
  • PRICE: 1.3049 @ 10:37 GMT Nov 5
  • SUP 1: 1.2911/2855 Low Nov 3 / Low Nov 2
  • SUP 2: 1.2863 Low Oct 14 and key near-term support
  • SUP 3: 1.2806 Low Sep 30
  • SUP 4: 1.2794 76.4% retracement of the Sep 23 - Oct 21 rally

GBPUSD is firmer this morning. The outlook though remains bearish following last week's extension lower. We do note though that a move below key near-term support at 1.2855, Nov 2 low is required to reinforce bearish conditions. This would pave the way for a move towards 1.2676, Sep 23 low. On the upside, clearance of key resistance at 1.3177, Oct 21 high would alter the picture and reinstate a bullish theme.

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