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Cable test Friday's high

GBP
  • Difficult to ascertain the real GBP driver this morning.
  • Mr Hancock quitting, could be a potential early driver, but would expect more of a reaction in Gilts.
  • And when you consider that the contract is stuck in a 10 ticks range (127.50-127.60) for the first 30 minutes of trading, it doesn't say much at all.
  • This looks likely more technical or positioned driven, with the currency only paring some of Friday's price action.
  • Cable tested Friday's high at 1.3939 (printed 1.3940), and we are now back off the high.
  • Mostly FM and leverage accounts, with RM on the sideline it seems

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