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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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CABLE: GBP/USD drew support from the broader USD weakness on Monday & comments
from the EU Council that "some parts of the draft (Brexit) withdrawal agreement
have already been agreed in principle," although the Council did warn that
"nothing is agreed until everything is agreed." The latest press reports have
offered little new on Brexit. UK PM May told the BBC that the gov't would "make
a success" of a "no-deal" Brexit & that any disruption would be short-term.
Elsewhere, The Times reported that "the EU is insisting on cast iron guarantees
that Britain will not attempt to reopen the terms of any Brexit deal after it
has been signed," in lieu of Michael Gove's comments over the weekend.
- GBP/USD last deals at ~$1.3150, a touch softer on the session. The bullish
outlook for GBP/USD remains intact following yesterday's gains, with the 100-DMA
($1.3169) presenting the next level of resistance. Bears need to see a close
back below the 50-DMA ($1.2988) to suggest the recent gains have marked a false
break, but momentum is rapidly turning in favour of the bulls.
- UK CPI & retail sales headline this week, with BoE's Haldane also set to speak
& eyes on any Brexit developments at the latest EU summit.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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