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Bearish Focus

MONTH-END EXTENSIONS

Updated Barclays/Bbg Extension Estimates for US

US TSYS

Late Session Selling

CABLE
CABLE: Cable deals a touch lower at $1.2947 after advancing 56 pips yesterday,
as UK election campaign retained the spotlight. Sterling was bid from the off,
owing to the widening support for the Tory party (per the latest polls) & the
announcement that all Conservative candidates standing in the upcoming election
signed pledges to back PM Johnson's Brexit deal. Elsewhere, PM Johnson
backtracked from the plan to cut corporation tax next April and pledged to
direct resultant savings to the NHS.
- The daily chart shows a bullish flag formation unfold over the last month or
so. A break above the Oct 21 peak at $1.3013 would reaffirm the topside bias,
opening up the May 10 peak at $1.3048. Meanwhile, a slide below the Oct 24 low
of $1.2789 would put bears into the driving seat.
- The first pre-election debate, involving PM Johnson and Labour Leader Corbyn,
will take place on Tuesday evening. London's High Court dismissed a suit by the
Lib Dems & SNP, whose leaders haven not been invited to take part in the debate.
- On the data front, flash UK PMIs are due on Friday.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com