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CABLE TECHS: Challenging Key Support Levels
Brexit continues to be the dominant driver of sterling. Indeed, on Thursday we
fell to the lowest level since the last Brexit vote on Jan15. To maintain
downward momentum, GBPUSD needs to close below the key area around the
50/55-dmas and the 61.8% retracement of 1.1841-1.4377 which come in at
1.2818/11/10. A break below here would open the Jan 15 low at 1.2670. Bulls need
a close above the 100-dma & Feb 7 high at 1.2878/96 to bring the 200-dma at
1.3009 into view. Topside focus remains on a break of 1.3160 which would trigger
a bullish pennant formation.