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Consolidates Above $1700 Ahead US CPI


Bullock’s Comments & Firmer NZGBs Aid The Bid

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MNI (London)
CABLE TECHS: YTD low of 1.2559 Exposed
GBPUSD extended June lows to 1.2589 Friday on the back of strong US data(US
Retail Sales revisions) which keeps the longer-term downtrend intact. Rate
touched an extended low in Asia of 1.2577 with recovery efforts continuing to
meet resistance at and above 1.2600. Rate has crept back above its 2% lower
Bollinger band at 1.2586, but the May 31 YTD low at 1.2559 moves into view. The
base of the 1.0% 10-dma envelope is close behind at 1.2551 ahead of the lower 3%
Bollinger band at 1.2544. Bulls need to clear 1.2700/10 (series of hourly
highs/lows through June), before challenging the 1.2755/65 area. Above here
opens a run at the 1.28 level, with any move through 1.2813 triggering a bullish
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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