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Cable trades at $1.2802 in early..............>

CABLE
CABLE: Cable trades at $1.2802 in early Asia-Pacific dealing, consolidating
around the figure after shedding ~60 pips from Monday's highs of $1.2853 at one
point in early dealing this week. 
- The pair moved lower on the back of C'llr Hammond's budget speech, after an
initial knee-jerk higher. 
- Bears managed a close below the psychological $1.2800 level, and now look to
Friday's low at $1.2777. Bulls need to retake Monday's high of $1.2853 before
challenging the upper bound of the downtrend channel at $1.2944 to shift the
outlook neutral. 
- UK focus this week falls on Thursday's BoE MonPol decision & inflation report,
as well as the release of UK manufacturing PMI figures.

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