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CABLE: *** Bank reports begin to suggest that we may have seen a temporary low
in sterling, Deutsche Bank in a morning note has suggested that Eur/Gbp's rise
begins to look overstretched, highlighting that data surprises are showing
tentative signs of improvement. This along with signs that Brexit negotiations
are shifting to a more 'realistic view'. Traders in Asia and Europe have
highlighted resistance at the $1.2840 level, technical trend resistance/channel
top from $1.3160(Aug4), offers have been reported into this level with
additional suggestions that stops likely placed on a break above, though cable
seen needing a break of $1.2918-39 to begin negating the recent bearish tone.
Support noted between $1.2765/50, a break here to open potential for a deeper
move toward $1.2700. Eur/Gbp holds back above Gbp0.9200 but remains well off its
recent highs of Gbp0.92335-0.92365. A break of Gbp0.9190/70 area needed to
provide better relief to upside pressure.