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Risk off given a knock as markets reacted.....>

CABLE
MNI (London)
CABLE: Risk off given a knock as markets reacted to news of Apple closing stores
in Florida and Arizona due to COVID-19 spread saw equities providing the lead as
cable broke below $1.2400, finding initial support at $1.2361. Rate recovered to
$1.2412 before fresh sales pressed rate to an extended low of $1.2349. Recovery
efforts remained shallow into the European close, though support remains in
place around the $1.2350 level. A break below to open a deeper move toward
$1.2325/20 ahead of $1.2300. Rate currently looks set to close below its 55-dma
and 50-dma levels at $1.2420-25 respectively which would add to the bearish
technical feel into next week. However, risk, via equities, remains the key
driver of direction. Attention next week on Tuesday's release of flash PMI's. 
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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