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Japan To Observe Holiday


Flattening Extends


Liquidity Sapped By Local Holiday


AUD Edges Lower After Volatile Wednesday


(Z1) Bearish Trend Condition

CABLE: Cable's four day rally came to an abrupt end yesterday following the FOMC
press conference. GBPUSD briefly traded above $1.31 for the first time since
mid-April, before Fed Chair Powell remarks on technical revisions and patient
stance, pared gains. Rate touched pullback lows of $1.3038, before recovering
into the close.
- A quiet Asia session spilled over into Europe with GBPUSD consolidating either
side of $1.3050.
- Bulls look to recover $1.31 to reignite topside momentum, targeting the 50%
fibo of $1.3381-1.2866 & Apr 12 high at $1.3124/33.
- Busy schedule on the calendar today with the BoE rate decision, press
conference & inflation report the main focus. The MPC will likely hold 9-0
again, but there has been specualtion about the possibility of a hawkish
dissenter among the committee (see MNI Analysis email - Hawkish Dissenter
Possible Apr 29). There will likely be upgrades to CPI & GDP in the inflation
report. Construction PMI is also due at 0830GMT.