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Cable drifts towards support

GBP
  • Cable is slowly drifting towards Wednesday low at 1.2374, where the initial support is seen.
  • Some of the moves are a function of the Dollar bid, with risk tilted to the downside and extending lower following the French and German PMI beat.
  • UK retail also missed expectation but saw some mixed revisions.
  • EU PMIs are up next in just over 10 minutes.

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