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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessGBP/USD has been range-bound, last deals -5...>
CABLE: GBP/USD has been range-bound, last deals -5 pips at $1.3074. It managed
to break above the trendline resistance drawn off the Dec 13 YtD peak, which
kicks in at $1.3071 today.
- Thursday saw cable extend its recent move away from the 2020 low printed on
Tuesday. There seemed to be no headlines or data underpinning the move, which
prompted speculation of short covering. The move coincided with a slight
pullback from highs in the pricing for a BoE rate cut this month.
- Implied probability of a cut at the next meeting is now at ~61%, still
substantially higher than the ~23% seen last Friday.
- Bulls look for a jump above the Jan 9 high of $1.3124 before turning focus to
the Jan 7 peak at $1.3212. Bears keep an eye on the 50-DMA, which today kicks in
at $1.3035 and limited losses yesterday. Below opens $1.2955, the Jan 14 trough.
- UK retail sales data for December is due later today.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.