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GBP Defensive Sterling gains have so....>

CABLE TECHS
CABLE TECHS: GBP Defensive
Sterling gains have so far been capped ahead of 1.32 with added weight following
the release of soft CPI data. The 100-dma acts as near-term support at 1.3097,
below here turns the outlook negative with bears targeting the 50-dma at 1.2996
and October lows at 1.2933. Bulls need to recover 1.32, before targeting the Sep
20 high at 1.3298. Above here would confirm a large inverse head-and-shoulders
pattern, suggesting further topside momentum.

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