Free Trial

GBP drew a bid Wednesday, after initially.....>

CABLE
CABLE: GBP drew a bid Wednesday, after initially being knocked on the
announcement of a Tory party leadership vote. Cable recovered, trading above
$1.2600 ahead of the vote on expectations that PM May would be victorious, which
came to fruition. Volatility on the announcement saw an intraday high printed,
followed by a brief breach below $1.2600. Focus ahead of the vote was on her
margin of victory, with the PM gaining a margin of 83 votes, with most
suggesting that the vote continues to point to difficulties re: the passage of
the current Brexit deal through parliament. Rate last $1.2640. Bulls need to
close the gap on Monday's open at $1.2754. Initial support is noted at
Wednesday's low of $1.2478. 
- Focus now moves on to what assurances the PM will receive from the EU re: the
backstop. RTRS source reports have suggested that "a draft EU document includes
only the possibility the bloc would look into giving more assurances to Britain
over the Irish backstop." Elsewhere, the Telegraph reported that "the EU is
poised to reject May's demands for 'legally binding assurances' that the Irish
backstop will only ever be temporary." Focus on May's journey to Brussels Thurs.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.