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CABLE: GBP is struggling on the back of weekend reports re: Brexit matters. The
Times noted that UK PM "May has been plunged into a deeper crisis after Brussels
rejected her key Brexit proposal, which was intended to avoid the UK being
trapped in an indefinite customs union." This was followed up by a report from
the Independent which stated that "May has been forced to abandon plans for an
emergency cabinet meeting to approve a Brexit deal, after fresh opposition at
home and abroad plunged her timetable into turmoil." That being said, EU's
Juncker thinks that the U.K. & the EU are edging closer to a "definitive Brexit
deal that will be concluded in the coming weeks."
- GBP/USD last $1.2930, after hitting an indicative low of $1.2910 in early
dealing this week. The pair has breached cloud base support at $1.2980, as well
as the November 02 & 05 lows, with hourly support located at $1.2910/1.2900.
Bears need to regain the aforementioned cloud base support to allow themselves
- UK highlights this week include labour market data, CPI & retail sales,
although Brexit matters will continue to overshadow economic releases.