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Extended recent lows to $1.2581 ahead of......>

CABLE
MNI (London)
CABLE: Extended recent lows to $1.2581 ahead of Thursday's 1600BST fix before it
recovered, meeting resistance at $1.2620 then settled around $1.2610 into the
close. Asia consolidated this move with trade through the session contained by
$1.2604-15. Resistance remains at $1.2620 ahead of $1.2640/50. Support suggested
back in place at $1.2600 ahead of that mentioned Thursday low and $1.2550. Moves
mainly seen USD related, as EUR/GBP holds within an outside range of
Gbp0.8800-50, with Brexit related political concerns continuing to place its own
weight on sterling. Month-end and bank models suggest USD demand to be seen at
this afternoon's fix, which along with $10.3bln in SOMA, expected to make any
recovery effort sticky. No mention so far of any month-end EUR/GBP sovereign
demand. 
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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