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Soft PMI Checks Topside GBPUSD..........>

CABLE TECHS
CABLE TECHS: Soft PMI Checks Topside
GBPUSD recovered off Friday's pullback low of 1.2559 to comfortably close above
the 1.26 level. The uptrend extended through Asia/Europe to 1.2661, before soft
UK mfg PMI pared light gains. Bulls need to clear the May 28 high at 1.2702 to
stabilise the outlook. Consolidation above would extend the uptrend towards
1.2745/55, ahead of the 21-dma at 1.2797 & May 21 high at 1.2813. Bears need a
break under 1.26 to bring Friday's lows back into view. The recent death cross
formation could add further weight to the bearish trend, opening 1.2555/32 which
represents Jan 3 hourly support & lower 1.0% 10-dma envelope.

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