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Sterling Back on The Defensive..........>

CABLE TECHS
CABLE TECHS: Sterling Back on The Defensive
Uncertainty surrounding Brexit & the political outlook put sterling on the
defensive. Choppy trade saw a quick roundtrip in GBPUSD from 1.2702 to $1.2670,
before GBPJPY led sales pressured toward 1.2650. Near-term support comes in from
Friday's low at 1.2648. Below here would see bears focus return to the 1.26
level & Jan 3 hourly support at 1.2555. Bulls need to recover 1.2750, before
challenging the 1.28 level. Above here opens a run at neckline
support-turned-resistance at 1.2910, with a break suggesting a bullish reversal.

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