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Under small pressure


(U2) Bull Cycle Extends


BLOCKs, 10Y Call Condor


Put spread buyer

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CABLE: BBG has ran headlines suggesting that the EU is set to state that the
extension to the Brexit transition period will depend on the UK's conduct. This
comes after earlier reports suggested that EU's Barnier is set to propose an
extension of the transition agreement out to 2022
- GBP/USD virtually unmoved on the headline, last trading 10 pips or so softer
on the session at $1.2825.
- There was little in the way of concrete Brexit developments as UK PM May
travels to the continent today. Also worth noting that 48 letters haven't been
submitted to the 1922 Committee as of yet.
- GBP/USD has so far managed to hold up trendline support from the Aug lows at
$1.2704. Bears look to break below this level, before challenging the Oct 30 low
at $1.2696 & YtD low at $1.2662. Bulls need to recover the 100-DMA at $1.3019 to
change the short-term outlook, opening the Nov 7 high at $1.3175.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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