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Unwinds and Bull Flatteners

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CABLE: GBP/USD dropped to a fresh cycle low of $1.2532 yesterday, finishing just
above the level. After trading within $1.2570-1.2600, the rate slid in late
European/U.S. hours, with a~20 pip leg lower noted at the WMR fix.
- Cable last seen at $1.2538, a touch higher. Bears look to the 1.0% 10-DMA
envelope at $1.2529, below here opens the lower Bollinger band (3%), located at
$1.2490. Above the lower Bollinger band (2%) at $1.2546 would expose $1.2600.
- The second round of Tory leadership voting takes place later today, with six
candidates remaining in race. As a reminder, round one saw the worst performer
and all those who failed to win at least 17 votes of Tory MPs eliminated from
the contest. This time the threshold rises to 33 votes, with the last placed
contender likewise set to be eliminated.
- The BoE will deliver its latest MonPol decision on Thursday, while BoE Gov
Carney will make a speech later that day. For our BoE preview please see MNI
Main Wire at 15:23 BST 06/17. Carney will also speak at the annual ECB forum
later today, while his BoE colleague Tenreyro will appear on Friday. Data-wise
CPI due Wednesday & retail sales due Thursday are in focus.

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