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CABLE: Brexit source reports outweighed the comments coming from the ruling
Conservative Party conference on Monday as cable reached a session high of
$1.3116 on reaction to a BBG report that suggested that the UK is said to plan a
compromise on the Irish border to get a Brexit deal. The move quickly faded, as
many suggested that the move would struggle to get the support of Conservative
Brexiteers and the coalition DUP Party, with cable last dealing at ~$1.3045.
- Brexit Sec. Raab blamed the EU for a lack of Brexit progress.
- Elsewhere the Times has reported that "Theresa May is preparing to limit
Britain's ability to strike free-trade deals after Brexit in a significant
concession to the EU aimed at breaking the deadlock in negotiations."
- Stronger than exp. UK M'fing PMI data provided little impetus for traders.
- Bulls need to reclaim the 100-DMA ($1.3130) to alter the short-term outlook.
Conversely, a downside break of $1.3000 would suggest a bearish reversal pattern
is forming, opening the 50-DMA ($1.2983).
- Comments from BoE's Haldane & Haskel headline on Tuesday, ahead of Wednesday's
services PMI release.