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GBP/USD has added 45 or so pips at writing....>

CABLE
CABLE: GBP/USD has added 45 or so pips at writing last ~$1.3020, back from early
Asia highs of $1.3036. The bid came after the Sun reported that "May's pivotal 5
senior ministers - Raab, Hunt, Javid, Gove & Cox - will back the Brexit deal.
Leadsom & Grayling also on board. McVey and Mordaunt so far not," according to
their sources. The Sun gave the details of the Irish backstop as follows 1. A
UK-wide customs union, and no NI-only version 2. An independent panel to
arbitrate a 'good faith' end mechanism 3. No backstop end date or time limit 4.
Full level playing field rules apply throughout.
- Worry re: resistance from the opposition, hard-line Brexiteers & the DUP ltd
GBP on Tues, after the move higher on the initial backstop deal headlines.
- Tuesday's high of $1.3046 provides initial resistance, followed by the NY high
from Nov 9 at $1.3055, then the Nov 9 high at $1.3072. Bulls will likely lean on
the 100-DMA at $1.3026 for support.
- UK inflation data due Weds, though Brexit matters will likely have more impact
on GBP. A UK cabinet meeting will be held, with EU ambassadors also meeting
Weds.
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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