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Cable found a base just ahead of $1.2650......>

CABLE
MNI (London)
CABLE: Cable found a base just ahead of $1.2650 during Tuesday trade, with early
Asia retesting the $1.2651 low before it picked up some mild demand into Europe
which has lifted it to $1.2665. Markets on watch to see who will emerge as the
front runners in the Conservative leadership race(winner to take over the PM's
job), as well as watching the European parliament to see who gets the top jobs.
Press reports suggest that Labour leader Corbyn will come out to say a second
referendum will be Labour policy, which could provide sterling with some
support. If the current UK parliament Brexit impasse continues under a new PM it
could open the chance of a general election. Labour hopes to replace the current
Conservatives, though may have to look toward the LibDems(remain) for support.
- Cable support $1.2651/48, $1.2641 ahead of $1.2610/00. Resistance $1.2700/20.
- A light UK calendar for Wednesday.     
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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