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Breaks of $1.2900, then the Apr25 low of......>

CABLE
MNI (London)
CABLE: Breaks of $1.2900, then the Apr25 low of $1.2866, helped to extend cable
slippage Wednesday, the rate touching a low of $1.2827 before it snapped back to
$1.2880. Move up was aided by US Trump comment US to delay the imposition of
automobile import tariffs by as much as six months which spiked EUR/USD higher
and provided some slight reprieve for the recent risk aversion. However,
recovery momentum quickly stalled and cable sank back to $1.2837 into the close.
Slow recovery through Asia saw rate nudge up from an early low of $1.2840 to
$1.2852, holding toward the high into early Europe. Support remains at $1.2827
ahead of $1.2800. Resistance $1.2880, $1.2900. Little progress in cross party
Brexit talks, with PM May under party pressure to provide a definite date to
step down, continues to weigh on sterling. A light data calendar in the UK
Thursday, focus on BOE Haskel speaking later at 1730GMT.  
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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