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EGB/Gilt: Risk-Driven Bear Steepening


(U1)‌‌ Consolidating


LEVELS UPDATE: Oil down but metals higher


Test session low and the 172.00 figure

CABLE: *Correct* (corrected the 100-DMA)
BBG has ran headlines suggesting that the EU is set to state that the extension
to the Brexit transition period will depend on the UK's conduct. This comes
after earlier reports suggested that EU's Barnier is set to propose an extension
of the transition agreement out to 2022
- GBP/USD virtually unmoved on the headline, last trading 10 pips or so softer
on the session at $1.2825.
- There was little in the way of concrete Brexit developments as UK PM May
travels to the continent today. Also worth noting that 48 letters haven't been
submitted to the 1922 Committee as of yet.
- GBP/USD has so far managed to hold up trendline support from the Aug lows at
$1.2704. Bears look to break below this level, before challenging the Oct 30 low
at $1.2696 & YtD low at $1.2662. Bulls need to recover the 100-DMA at $1.3016 to
change the short-term outlook, opening the Nov 7 high at $1.3175.
MNI London Bureau | +44 0203-865-3809 |