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Cable 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'
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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