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Tug of War Continues The tug of war.....>

CABLE TECHS: Tug of War Continues
The tug of war continues between the down trendline from the July 9 high and the
short-term up trend channel. Yesterday GBPUSD fell back to the 200-dma, just
above the trend channel support and although it is moving a little higher today,
the near-term outlook remains neutral. A close below here would shift the
outlook bearish and allow a challenge of the 1.1300 area which marks the Jan 17
high and up trendline support. Below here would shift the focus back to the 1.28
level. On the upside a break above the down trendline at 1.3183 comes ahead of
Friday's high at 1.3217 and a move through here opens the Sep 20 high at 1.3298.

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