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Downtrend Intact GBPUSD topped out at...>

CABLE TECHS
CABLE TECHS: Downtrend Intact
GBPUSD topped out at 1.2661, before a combination of soft UK mfg PMI &
broad-based dollar demand pressured. Cable extended the corrective pullback to
1.2611 and keeps the recent downtrend intact. Bears need a break under 1.26 to
bring Friday's low back into view. The recent death cross formation could add
further weight to the bearish trend, opening 1.2555/32 which represents Jan 3
hourly support & lower 1.0% 10-dma envelope. Bulls need to clear the May 28 high
at 1.2702 to stabilise the outlook. Consolidation above would extend the uptrend
towards 1.2745/55, ahead of the 21-dma at 1.2797.

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