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Yesterday saw some recovery for cable from Friday’s sell-off, but overall bullish momentum was absent. Today’s CPI number could provide a catalyst, with a push through Monday’s high near $1.33 opening the way to a test of the Friday peak at $1.3450.
Further downside momentum would potentially find support at $1.3150 and then $1.31, while over the longer-term $1.2850 is the area to watch.