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Cable consolidated Wednesday's recovery.......>

CABLE
CABLE: Cable consolidated Wednesday's recovery with a firm tone on Thursday,
remaining above $1.2900 for the most part, following the broader USD path,
though the rate failed to challenge Wednesday's high ($1.2983).
- There was no press conference after the latest meeting between EU & UK Brexit
negotiators.
- With GBP/USD holding above $1.2900 the short term outlook is looking more
constructive. A break of downtrend resistance at $1.3000 & the 50-DMA ($1.3013)
would shift the outlook firmly bullish and suggest that a basing pattern has
formed. Bears continue to focus on the $1.2800 level, a close below here would
trigger renewed pressure, bringing the YtD low ($1.2662) back into view.
- Brexit developments remain key, with a quiet UK docket apparent for the
remainder of the week, ahead of next week's labour market report & GDP/output
data, which will be followed by the latest BoE MonPol decision.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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