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Cable last seen at $1.2029, 5 pips lower on...>

CABLE
CABLE: Cable last seen at $1.2029, 5 pips lower on the day, after shedding 100
pips and plumbing a new YtD low on Friday. A break below $1.2000 would open the
channel support at $1.1957. Bulls look to retake the Aug 1 low of $1.2080.
- GBP didn't like Friday's round of UK data, including flash Q2 GDP, which
indicated the first quarterly contraction since 2012, with sharp falls seen in
the m'fing sector. Cable was offered and broader risk aversion did nothing to
help the pair. It printed a fresh cycle high of $1.2025, briefly breached today.
- The Telegraph reported that UK PM Johnson accepted an offer from his Irish
counterpart Varadkar to meet and discuss Brexit matters. Varadkar said publicly
that reopening negotiations on the "Irish backstop" is off the table and won't
be on the agenda of his talks with Johnson.
- The IfG think tank said that Remainer MPs are running out of time and options
to block a no-deal Brexit & even voting the gov't down entails certain risks.
- UK labour mkt report, inflation data and retail sales are due on Tuesday,
Wednesday, and Thursday respectively. No BoE speeches are schedules, but Brexit
matters remain front and centre.
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