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CABLE TECHS: Falling Back Towards 1.29
Having recovered the 1.29 handle Friday, GBPUSD began Monday on the front foot,
moving up to 1.2947. However, these gains proved short-lived and GBPUSD has
fallen back towards the 1.29 level. On the downside bears focus remains on
Friday's low at 1.2866, ahead of the Feb 12 low at 1.2833 and 61.8% retracement
of the 2016 lows to the 2018 highs at 1.2810. To reignite upside momentum,
GBPUSD needs to regain the 200 & 100-dma's at 1.2960/67. A close above would
reignite upside momentum towards the 1.30 handle & triangle top resistance at
1.3004, suggesting an upside reversal.