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CABLE TECHS: Lacking Direction
GBPUSD has witnessed a short term rally to the 1.2970/75 area but has so far
failed to overcome any meaningful resistance levels, suggesting focus remains
toward the downside. Bulls need to regain 1.3000 to stabilise the short-term
outlook, and close above the 1.3064 level to create potential for a bullish
reversal. Bears will look to challenge yesterday's YTD lows at 1.2920, below
here and focus turns to the two month descending channel, where the trendline
support intervenes at 1.2900.