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Cable has stuck to a narrow range and last....>

CABLE: Cable has stuck to a narrow range and last trades around 10 pips softer
at ~$1.2740.
- Weekend news flow re: Brexit has done little for the pair in early dealing,
with Brexiteers Rees-Mogg & Farage continuing pushing to push for a harder
Brexit, while the Telegraph reported that Britain will recognise some EU
regulations in the event of a no-deal Brexit to ensure that the country does not
grind to a halt.
- Over the weekend UK Brexit Secretary Raab said that securing a deal was still
"the most likely outcome" - while noting that making alternative arrangements
was the "responsible" thing to do. This comes ahead of his visit to Brussels
later this week, which provides the focal point of the UK docket this week.
- From a technical perspective resistance is noted at the August 16 high
($1.2754), followed by the 61.8% retracement of the move from $1.2827 to $1.2662
($1.2764). Bears remain focused on the YtD low ($1.2662).
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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