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Cable last trades flattish at $1.2629,........>

CABLE: Cable last trades flattish at $1.2629, after falling 27 pips yesterday,
as a combination of elevated uncertainty re: Brexit & UK political outlook and
broader USD demand observed around the WMR fix applied weight on the rate.
- Boris Johnson, the front runner in the Conservative Party's leadership race,
will have to attend a court hearing and face accusations of making false claims
re: UK spending on the EU. The odds of him becoming the next PM fell by 5pp on
the news, according to the data from Oddschecker, but he remains the favourite.
- With cable hovering just above its worst levels since early January, bears
look for a breach of $1.2606, which represents the May 23 multi-month low. A
fall through the figure would give them the green light for targeting the lower
1.0% 10-DMA envelope at $1.2551. Meanwhile, bulls need to retake yesterday's
peak at $1.2671 before challenging Tuesday's high of $1.2702.
- Brexit & political matters rather than data releases will likely continue to
drive price action during the remainder of this week. BoE's Ramsden will make a
speech later today.

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