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Bounce back from the traded low of $1.2234....>

CABLE
MNI (London)
CABLE: Bounce back from the traded low of $1.2234 extends to $1.2280, as EUR/GBP
sinks back below Gbp0.9000. Traders reporting that liquidity in sterling has
been woeful of late, adding that it doesn't take too large an order to move the
market. Cable resistance noted at the earlier Asian high of $1.2293 ahead of
$1.2300/10. Break here to expose $1.2337/44 ahead of $1.2354. 
- EUR/GBP failure to bring pressure to bear on its 10-dma sees rate drop back.
Support in the cross seen between Gbp0.8945/40. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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