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Support Appears Exposed


Timeline of key events (Times BST)


Timeline of key events (Times BST)


Bearish Threat Remains Present


Through Last Week’s Highs

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CABLE: GBP has been the underperformer among the majors in early dealing this
week, on the back of the latest developments re: Brexit.
- Elsewhere the Guardian reported on Saturday that "Theresa May has been told
that the DUP leader, Arlene Foster, is now "ready" to trigger a no-deal Brexit
and regards this as the "likeliest outcome" following a "hostile and difficult"
exchange with the EU's chief negotiator, an explosive set of leaked government
emails reveal." This comes as May continues to come under pressure from within
her own Tory Party, with rumblings of additional no confidence letters being
sent by various MPs.
- Cable last deals at $1.3105, 50 pips lower on the day, after opening at
~$1.3088. The 100-DMA ($1.3100) is in play at present, with a convincing break
below opening up the October 09 low ($1.3033). Bulls need to recover the October
10 low ($1.3135) before setting their sights higher.
- Focus throughout the week will fall on Brexit developments, with a smattering
of domestic data in the form of the labour market report, CPI & retail sales
also apparent. Elsewhere BoE's Cunliffe & Broadbent are due to speak.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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