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GBP/USD continues to trade near cycle lows,...>

CABLE
CABLE: GBP/USD continues to trade near cycle lows, last $1.2940, with sterling
underperforming yet again on Tuesday. The corrective rebound was short lived and
failed to overcome the initial resistance at $1.2976, keeping the bearish trend
intact. Focus returns to Monday's $1.2920 low, with a break below here extending
the major downtrend towards the lower end of the major descending channel where
trendline support now intervenes at $1.2846. A break above $1.2976 is needed to
provide the first sign of stability, but 1.3064 would have to be overcome to
generate a bullish reversal.
- Outgoing BoE hawk McCafferty offered little new on Tuesday, with traders eying
Friday's UK GDP & output releases.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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