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Recovery away from traded low of $1.2851......>

CABLE
MNI (London)
CABLE: Recovery away from traded low of $1.2851 extended to $1.2870 with one
trader noting that prime brokerage, IMM and retail positioning suggests Gbp
shorts may be overdone. However, bank reports still favor short sterling
positions. Cable buoyancy currently aided by Eur/Gbp as the cross extends lows
to Gbp0.9123(Asia range Gbp0.9127-0.91355; NY high Gbp0.9149). Cable resistance
remains into $1.2880($1.2879 Asia high).  
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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