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GBP Holding Heavy The corrective........>

CABLE TECHS
CABLE TECHS: GBP Holding Heavy
The corrective pullback off yesterday's high (1.2759) extended back through
1.27, before meeting support from the 50% retracement level at 1.2661. Recovery
efforts have so far held shallow and keeps the longer-term downtrend intact.
Bears target a break of the 61.8% retracement of 1.2559-1.2763 & pivotal support
line off Mar highs at 1.2637/31. Below here opens a run at the 1.26 level, ahead
of the May 31 low at 1.2559. Bulls need to recover 1.2700/05 (series of hourly
highs/lows through June), before challenging the 1.2755/65 area.

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