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GBP and Gilts

  • Cable breaks out of the early tight 20 pips range, with the currency better offered since the UK Industrial production miss on the Govie open
  • Gilts on the follow extends higher, with next resistance seen further out towards 128.50 1.00 proj of the May 13 - 26 - Jun 3 price swing
  • UK 5/30s are now flattest since 22/04.
  • GBP test session low versus EUR, JPY, AUD, with the British Pound in the red against all majors

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