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CABLE TECHS: Bouncing Well
*RES 4: 1.3212 High Jan 7
*RES 3: 1.3215 High Feb 3 and key S/T resistance
*RES 2: 1.3085 61.8% retracement of the Feb 3 - feb 10 decline
*RES 1: 1.3046/70 50-dma / High Feb 5 and 13
*PRICE: 1.2922 @ 09:50 GMT Feb 21
*SUP 1: 1.2849 Low Feb 20
*SUP 2: 1.2835 1.0% 10-dma envelope
*SUP 3: 1.2824 Low Nov 22
*SUP 4: 1.2769 Low Nov 8
GBP markets are bouncing well early Friday, but a further recovery is needed
before the bearish outlook stemming from the mid-February decline is countered.
The 100-dma gave way this week, opening lower lows from here. For bulls to
regain control, a break above last Thursday's high of 1.3070 would be
encouraging and would signal scope for an extension towards 1.3215, the Feb 3
high and a key near-term resistance.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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