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CABLE: Despite the pullback in GBP from the recent cycle highs so far Monday,
sentiment towards GBP has become increasingly bullish, with GBP/USD 1m risk
reversals touching the best levels since early 2018 as markets further price out
the likelihood of a disruptive exit from the European Union. Weekend press
reports were supportive, continuing to talk up the probability that the
government could clinch a cross-party approved Brexit deal with the opposition
-Friday's close above the 1.3108 50-dma played into the hands of GBP bulls, with
1.32 in sight despite the modest pullback in prices Monday. Support kicks in at
the $1.3063 level (38.2% Fib of recent rise) and the 100-dma at $1.2992.
-This week is busy for UK data, with prelim Q1 GDP due on Friday alongside
industrial and manufacturing production data.
-GBP volumes should return to near normalcy tomorrow as London returns following
the early Spring Bank Holiday in the UK. Unsurprisingly volumes have been lower
than expected, with GBP/USD options seeing just over half the activity of a
normal session so far.