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Cable was pressed to an extended low of.......>

CABLE
MNI (London)
CABLE: Cable was pressed to an extended low of $1.2888 Wednesday in a mix of
general USD strength and political wobbles concerning Conservative party
leadership. Rate managed to close around $1.2900. PM May's position remained
intact as her party's 1922 Committee ruled by a narrow majority to prevent her
leadership to be challenged, the news boosted sterling and allowed cable to
nudge up to $1.2917, with pullbacks during Asia able to hold above $1.2900.
Early Europe has $1.2900 under pressure as the USD continues to enjoy general
strength, DXY seen settled above 98.00 after Wednesday's break of 97.71-77, but
sterling so far remains resilient, although at weaker levels. 
- Cable support remains at $1.2888 ahead of $1.2868 and $1.2850. Resistance
$1.2920, $1.2950/60($1.2962 100-dma, 200-dma). 
- UK CBI Trends data due at 1000GMT but market remains on Brexit headline watch.
- US Durable Goods and Weekly Jobless Claims at 1230GMT in focus. Friday US Q1
GDP moving into view.     
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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