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Cable Takes Out Support, Exposes 50-dma

GBP
  • GBPUSD plumbs a new session low briefly below the 1.2300 handle at typing - extending losses at the NY crossover following today's poorer-than-expected PMI data. The pair is now through support at the 1.2305 support (23.6% retracement of the January upleg), exposing support at 1.2217 as well as the 50-dma undercutting 1.2131.
  • Volumes picking up slightly on the break of support, with just over 500 contracts changing hands on the most recent downtick - albeit well below the activity noted on the PMI release: 2,100 futures contracts traded on the lower-than-expected release, cash equivalent of approx $165mln

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