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Cycle low well within range GBPUSD......>

CABLE TECHS
CABLE TECHS: Cycle low well within range
GBPUSD finished the week poorly, prompting bears to re-focus on recent cycle
lows at $1.2559. On Monday, rate touched an extended low in Asia of 1.2577 with
recovery efforts continuing to meet resistance at and above 1.2600. Rate has
crept back above its 2% lower Bollinger band at 1.2586, but the May 31 cycle low
at 1.2559 moves into view. The base of the 1.0% 10-dma envelope is close behind
at 1.2551 ahead of the lower 3% Bollinger band at 1.2544. Bulls need to clear
1.2700/10 (series of hourly highs/lows through June), before challenging the
1.2755/65 area. Above here opens a run at the 1.28 level, with any move through
1.2813 triggering a bullish reversal.

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