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Cable is slightly heavish & last trades at....>

CABLE: Cable is slightly heavish & last trades at $1.2988, 13 pips worse off. No
fresh catalysts noted so far, but the rate probably still feels the impact of
yesterday's pressure. Although a beat in UK Services PMI reading lifted the rate
in the European morning, cable took a nosedive as BBG reported that the EU is
planning a shake-up of MiFID II (the bloc's post-crisis financial rulebook),
which would see the removal of all concessions made to the City of London.
Better than expected U.S. economic data prompted GBP/USD to sink deeper, before
it pared some losses over the WMR fix.
- Bears keep an eye on the Feb 4 low of $1.2942. A break here would draw bearish
attention to the Dec 23 low/100-DMA at $1.2905/1.2895. Bulls look for a rally
above the nearby $1.3000 mark before targeting the 50-DMA at $1.3081.

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