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GBP has underperformed in early...............>

CABLE
CABLE: GBP has underperformed in early Asia-Pacific dealing, after a media
report noted that U.S. President Trump believes that UK PM "Theresa May ignored
his advice by opting for a soft Brexit strategy." Trump reportedly went on to
warn UK PM May that "any attempts to maintain close ties with the EU would make
a lucrative US trade deal very unlikely."
- Cable has dipped below 1.3200 again, to print a low of $1.3170, in line with
the Jul 04 low/61.8% retracement of the move from $1.3050 to 1.3363
($1.3171/70), after breaching the overnight low of $1.3181. The cross last deals
at $1.3175, with eyes on medium term support at $1.3150 if the pair breaches the
aforementioned $1.3170.
- BOE's Cunliffe is due up on Friday, with Trump's visit to the UK continuing.
Next week brings a raft of UK economic data, including CPI, the labour market
report & retail sales, which could cement/draw questions over a BoE rate hike at
its heavily awaited August MonPol meeting.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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