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Free AccessCable managed to extend its corrective........>
CABLE: Cable managed to extend its corrective bounce away from early Asia lows
of $1.2251 to $1.2340 into early NY, the pound paring some of Tuesday's losses
as market reacted positively to the release of better than forecast UK Q1 GDP
data, albeit weak. However, this enthusiasm for the pound quickly faded as Fed
Powell added his voice to recent Fed officials' negative rate aversion,
following on from BOE Broadbent comments Tuesday when he declined to rule out
the use of negative rates in the UK. This added weight to a retreating pound and
pressed cable through key support at $1.2248 to a late Europe low of $1.2210.
Some late buoyancy was provided as EUR/GBP eased away from its highs of
Gbp0.8877, squeezing itself back within its 1.0% 10-dma envelope (topside
currently coming through at Gbp0.8854), with cable edging back toward $1.2230.
Support now seen into $1.2210/00, a break to expose the Apr7 low of $1.2166,
with a 1.618% swing target close behind at $1.2142, based on the recent recovery
from $1.2266 to $1.2467. Resistance now seen at the broken support of
$1.2248/51, a break to open a move toward $1.2280/85 ahead of $1.2300.
- Thursday calendar sees BOE Bailey speaking at 1030GMT.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.