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Cable was the notable early mover.............>

CABLE
CABLE: Cable was the notable early mover overnight, shedding over 30 pips at one
point after a media report noted that U.S. President Trump believes that UK PM
"Theresa May ignored his advice by opting for a soft Brexit strategy." Trump
reportedly went on to warn UK PM May that "any attempts to maintain close ties
with the EU would make a lucrative US trade deal very unlikely." Broad based,
albeit modest USD strength also helped the move.
- GBP/USD's Jul 04 low/61.8% retracement of the move from $1.3050 to 1.3363
($1.3171/70) held, with the pair last ~$1.3180. Bears' eyes will turn to medium
term support at $1.3150 if the pair breaches the aforementioned $1.3170.
- BOE's Cunliffe is due up today, with Trump's visit to the UK continuing. Next
week brings a raft of UK economic data, including CPI, the labour market report
& retail sales, which could cement/draw questions over a BoE rate hike at its
heavily awaited August MonPol meeting.
- Nearby notable FX option expiries for today's 10AM NY cut: $1.3125 (GBP1.31bn)
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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