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Free AccessCable further extended its pullback low,......>
CABLE: Cable further extended its pullback low, off Friday's high of $1.3028, to
$1.2897 on Monday, before it tracked EUR/USD higher, accelerating on the back of
stronger than forecast UK GDP data.
- The rate then extended gains as EU Brexit negotiator Barnier stated that 'a
Brexit deal is realistic in 6-8 weeks', hitting a high of $1.3052. The move
outpaced EUR/USD's recovery, which allowed EUR/GBP to dip under GBP0.8900. Cable
settled around $1.3020 in NY afternoon trade, last $1.3025.
- The close above the 50-DMA ($1.3003) adds to the bullish case, with broader
focus shifting to July 09 ($1.3363). Bears remain focused on the $1.2800 area.
- UK labour market data headlines on Tuesday, with the BoE MonPol decision due
Thursday, and Brexit developments remaining front and centre on participants'
radars.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.