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CABLE: Brexit continues to show its influence on sterling as cable was pressed
to a low of $1.3069 as market eventually reacted to comments that the recent
meetings between UK officials and the EU had proved difficult and that things
should come to a head into this weekend ahead of next Tuesday's meaningful vote
on Tuesday. Cable's move lower Thursday was also influenced by the sharp drop in
EUR/USD as the single currency dropped sharply following the ECB announcement of
fresh TLTROs and pushing out the date for a possible rate hike. Brexit headlines
to be watched as UK and EU bargain, with this afternoon's release of key US
Employment Report also a potential market mover. Cable recovery off its late
Thursday low of $1.3069 continued through Asia though rate met resistance into
$1.3100. This resistance remained into Europe, an early challenge well defended
before rate dropped back to $1.3075.
- Support $1.3069, $1.3050. Resistance $1.3100, $1.3150/55.