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Cable A Big Figure Off The Lows, Eyes Key Resistance

GBP
  • The early move lower for GBPUSD on Monday has substantially reversed with cable now over 100 pips off the overnight 1.2275 lows and narrowing back in on the 1.24 mark.
  • Overall, recent gains have exposed resistance at 1.2448, the Jan 23 high and this remains a key medium-term hurdle for bulls. A break of this level would highlight a 3-months range breakout and more importantly, a resumption of the uptrend.
  • A more detailed rundown of the GBPUSD technical outlook can be found here.

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