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GBP/USD fell afoul of the broader USD.........>

CABLE
CABLE: GBP/USD fell afoul of the broader USD strength on Wednesday stabilising
ahead of $1.3200, with the pair last trading just a few pips above the figure.
- Brexit developments remain front and centre. An FT report has suggested that
"Theresa May has abandoned plans for a tight new relationship with the EU in
financial services after Brexit, laying out a new proposal for a looser
partnership in her long-awaited white paper on Thursday." This comes after
reports suggested that EU officials have told businesses that chances of a hard
Brexit are as high as 50%. Elsewhere the Telegraph has reported that Donald
Trump may voice his support for a hard Brexit during his imminent visit to the
UK.
- Cable last at $1.3205, with support noted at the July 09 low ($1.3190),
followed by the Jul 04 low/61.8% retracement of the move from $1.3050 to 1.3363
($1.3171/70).
- 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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