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GBP underperformed on Monday, on extended.....>

CABLE
CABLE: GBP underperformed on Monday, on extended reaction to weekend press
reports pointing to a higher likelihood of a no deal Brexit scenario, citing UK
trade minister Liam Fox. GBP/USD touched 11 month lows of $1.2920, while GBP/JPY
failed to break triple bottom support around Y144.05.
- GBP/USD last at $1.2940, after the USD pulled back in the NY afternoon.
- Focus for GBP/USD traders remains on the lower boundary of the two month
descending channel, where the trendline support intervenes at 1.2910. Bears will
look for a break below here to challenge downtrend support off the May 29 low at
1.2860. Daily momentum indicators are giving a clean sweep of bearish signals.
Failure to regain the 1.3064 level leaves the bearish picture in place.
- GBP traders will focus on Friday's UK GDP estimate & output data.
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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