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Dragged lower by EUR/USD slippage, the rate...>

CABLE
MNI (London)
CABLE: Dragged lower by EUR/USD slippage, the rate extending its recent
corrective pullback to $1.2915. However, with EUR taking the lead lower
(prompted by reaction to earlier release of disappointing Germany Ifo data) it
allowed EUR/GBP to ease back from earlier highs of Gbp0.8680 to Gbp0.8630 which
in turn diverted some of the pressure off cable and allowed it to recover to
$1.2963. Sterling struggled to hold onto recovery gains, and wirth EUR/USD
extending lows dragged cable back to $1.2918 where it again met decent support.
Rate currently trades around $1.2929(Tuesday's low).
- Support $1.2915 ahead of $1.2900-1.2890. Resistance $1.2960/65.
- UK CBI Trends due 1000GMT Thursday provides domestic data interest. Traders
remain on Brexit headline watch. 
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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