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Underlying Bearish Trend GBPUSD has.....>

CABLE TECHS
CABLE TECHS: Underlying Bearish Trend
GBPUSD has recovered to above Tuesday's high but the underlying bearish trend
remains. Earlier on Wednesday, the pair slipped to fresh 20-month lows of 1.2478
after it was announced there would be a vote of no confidence in the
Conservative party, before optimism that May would win the vote pulled the pound
higher. The underlying trend remains bearish with focus turning to the Apr 11
2017 low at 1.2404 as the next layer of support, a break opens a deeper
correction toward the April 10 2017 low at 1.2351. Bulls need to recover the
21-dma at 1.2757 to change the short-term outlook, targeting a break back above
1.28 and the Dec highs at 1.2840.

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