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Sterling on the defensive in early Europe.....>

CABLE
CABLE: Sterling on the defensive in early Europe saw GBPUSD challenge the Asia
low ($1.2725), before dip buyers squeezed to the $1.2735 area. Recovery efforts
have so far remained shallow and keeps the recent downtrend in check. The May 17
low provides initial support at $1.2715, further support is located at $1.2700,
ahead of the Jan 15 low at $1.2670.
- GBPJPY short-term support remains at Y140.00/05 from the Asia Low & 50% fibo
of Y139.55-140.53, below here opens recent cycle lows at Y139.55.
- Reminder that BOE Broadbent speaks at 1630GMT, private event, though text to
be released.

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