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HUNGARY

GDP Contracts 2.3% YoY In Q1

EURUSD TECHS

Resumes Its Upleg

SHORT-STERLING OPTIONS

Blue put fly trades again

EUR

EURGBP trades back towards 0.8600

CABLE TECHS
CABLE TECHS: Sell-on-Rallies
Broad-based USD demand pared European morning gains with the reversal extending
back under 1.29. Bulls need a close above the 100-dma & Feb 7 high at 1.2884/96
to bring the 200-dma at 1.3016 into view. Topside focus remains on a break of
1.3160 which would trigger a bullish pennant formation. Bears continue to target
a downside break of the Jan 21 low & 50% retracement level at 1.2831/29.