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Dipping Below 100bps For Next Two Fed Meetings


Cable drifts below 1.2500

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CABLE TECHS: Key Directional Triggers Intact
*RES 4: 1.2726 Low Feb 28
*RES 3: 1.2643/48 High Apr 13 /High Apr 14 and the bull trigger
*RES 2: 1.2516 High May 4
*RES 1: 1.2484 High May 5
*PRICE: 1.2315 @ 16:21 BST May 12
*SUP 1: 1.2266 Low May 7
*SUP 2: 1.2248 Low Apr 21 and the bear trigger
*SUP 3: 1.2166 Low Apr 7 and a key support
*SUP 4: 1.2030 50% retracement of the Mar 20 - Apr 14 rally
GBPUSD price action since mid April has defined two key directional triggers,
resistance at 1.2648, Apr 14 high and a key support at 1.2248, May 7 low. A
break of 1.2648 is required to confirm a resumption of the uptrend that started
on Mar 20 and open 1.2726, Feb 28 low initially. On the downside, a move through
1.2248 would instead highlight a reversal and expose 1.2166 and below. For now,
the pair continues to trade within the range.

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