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CABLE
CABLE: Cable has given back all of its early Asia-Pacific gains that came on the
back of an Express interview in which PM May noted that the UK's "exit deal is
virtually agreed" and pushed back against the idea of a second referendum. GBP
was also supported by EU's Barnier pointing towards an amended Irish backstop
proposal, while the Irish Foreign Minister called for an intensification in
Brexit negotiations on Tuesday.
- Re: MonPol, BoE's Vlieghe noted that UK wages are exp. to grow, albeit slowly.
- Cable last deals at $1.3150, after the rate had a brief look through the
recent highs early Wednesday, topping out at $1.3176, failing to challenge the
1.618% swing of the move from $1.3043 to $1.2786 ($1.3202). Bulls look for a
clean break and close above of the 100-DMA ($1.3164), then $1.3202, to allow
them to focus on the July 09 high ($1.3363). Bears need to see a close back
below the 50-DMA ($1.2986) to suggest that the recent gains have marked a false
break.
- Inflation data headlines the UK docket today, with BoE's Haldane also set to
speak.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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