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Bias Remains to Downside After..........>

CABLE TECHS
CABLE TECHS: Bias Remains to Downside
After heading into the Christmas break on track to take out 1.2750, GBP/USD
entirely reversed, with recent lows of 1.2616 well within range. This follows
the inability of GBP/USD to hold above the 21-dma on a closing basis, keeping
the broader outlook negative. Bulls need a convincing break of 1.27 (series of
previous lows) & the 21-dma to improve the short-term outlook. A close above
targets the 38.2% retracement level at 1.2744, ahead of the Dec highs at 1.2840.
Downside focus remains on a break of 1.25 & ytd low at 1.2478, before
challenging the Apr 11 2017 low at 1.2404.

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