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Strong Turnaround For Cable Approaching Month-End

GBP
  • Cable rose to a session high of 1.2108 shortly before the stronger than expected MNI Chicago PMI. Since then, the pair has had a swift turnaround and is now gravitating towards session lows just above the 1.20 handle.
  • Overall GBPUSD has been consolidating and trading closer to its recent lows with the short-term outlook remaining bearish. This follows the move lower on Dec 15 and the subsequent follow through reinforces this theme.
  • Attention remains on the first key support at 1.1901, the Nov 30 low.

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