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CABLE: Drifted to a low of $1.2911 Tuesday, extending corrective pullback away
from Monday's high of $1.2985, move described as profit-take/position adjustment
led ahead of last evening's Johnson/Corbyn TV debate. Recovery to $1.2931 as the
YouGov poll, released shortly after the debate ended, had Johnson seen winning
but by only 51% (a tighter than forecast outcome). Early Asia tested $1.2931 in
opening trade before it was knocked down to $1.2901, the move seen as a mix of
risk off trading (US Senate having angered Beijing by passing a bill concerning
HK human rights) and reaction to the debate 'result'(strong performance by
Corbyn). Rate settled back between $1.2905/16 through the balance of the Asian
session with early demand into Europe evident, though not major. EUR/GBP edged
higher, as sterling softened, but met resistance at its 10-dma of
Gbp0.8581(Tuesday). Cross has probed above this line in Wednesday trade, 10-dma
currently at Gbp0.8578, touching Gbp0.8583, but failed to build, currently
trading around Gbp0.8573. Whilst cross holds below the 10-dma keeps recent
buoyant sterling tone in place, break and clear above would add further pressure
onto the pound. Brexit/Election remain key drivers of sterling direction.