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Volatility Descent The initial sharp....>

CABLE TECHS
CABLE TECHS: Volatility Descent
The initial sharp GBP spike higher post the BoE announcement was quickly
reversed with the decline gaining increased momentum. The intraday volatility
has translated into a bearish formation on daily charts, with a break below
initial up trendline support. Key near-term support at 1.3089/82 has also been
cleanly broken, now putting the focus on the 1.2957 July low ahead of the
channel support currently at 1.2920. Gains above 1.3094 are needed to provide
initial stability, but a break above 1.3174 is required to improve the technical
outlook.

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