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MNI (London)
CABLE: Wednesday's break below technical support at $1.2248 exposed the Apr7 low
of $1.2166 which was duly tested in early NY as risk was dealt another blow by
the release of higher than expected US Weekly Jobless Claims. Rate managed to
pare losses, traded back to $1.2219 before momentum faltered. Rate then eased
off to $1.2179 through the 1600BST fix before recovering to $1.2210 at the
Europe close. Risk remains a key driver, US Trump considering further punitive
action vs China due to COVID-19 has added further negative weight on stock
markets. Cable support now seen at $1.2180, stronger into $1.2166. A break here
to open a deeper move toward $1.2135/30 ahead of $1.2100. Resistance $1.2220/30,
stronger into $1.2250. 
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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