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CABLE: Cable has added 15 pips amidst broader dollar selloff and last trades at
$1.2655. This comes after the pair rallied 81 pips yesterday, with price action
bearing the traces of a short squeeze, but better than exp. PPI, RPI & core CPI
prints might have also helped sterling.
- Bulls target the Jun3/yesterday's peak at $1.2674. A break opens the Jun 14
high/Jun 12 low at $1.2682. Bears eye the 200-HMA at $1.2644 & the $1.2600 mark.
- In Wednesday's round of Tory leadership voting, Boris Johnson once again
emerged as the frontrunner. Rory Stewart, who held the softest Brexit stance,
was eliminated. Press reports pointed to tactical voting by Johnson's supporters
aimed at eliminating another hardline Brexiter Raab, which might have helped
Steward get through the prev. round.
- Elsewhere, several EU off'ls told Politico that Brussels does not believe that
Johnson's hardline Brexit rhetoric would match his actions as a PM.
- The BoE is set to deliver its MonPol decision in the London morning, while BoE
Carney will make a speech in the evening. UK retail sales will also be watched,
but likely overshadowed by the BoE decision and Tory leadership contest.