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CABLE: Cable proved a little more resilient than some of the other major-USD
pairs on Wednesday, before late comments from Fed Chair Powell forced the rate
to a fresh session low ($1.2925).
- The pair had little reaction to marginal miss in the heavily watched UK
Services PMI, while GBP clearly marked down the odds of a near-term snap general
election after a successful Conservative Party conference for PM May.
- The rate last deals at $1.2940 after closing below the 50-DMA ($1.2975), with
bears now looking to Wednesday's low ($1.2925), followed by the September 10 low
($1.2897) as the next major levels of support, barring a couple of retracement
levels. Bulls need to reclaim the 50-DMA & $1.3000, to hint at a degree of
- The UK docket looks relatively light during the remainder of the week, with
participants set to focus on any Brexit rhetoric (France reiterated its
relatively hard-line stance re: Brexit negotiations on Wednesday, noting that no
deal would be better than the EU allowing concessions). UK highlights next week
include Aug GDP data, as well as trade & production data.