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CABLE: GBP/USD has come under pressure over the last 20 mins or so, perhaps
aided by a BBC report which noted that "several ministers expressed significant
doubts about the PM's preferred Brexit plan from the start." The article goes on
to note that "two ministers believe there is little chance the deal would get
Parliament's backing. One of them said it was self-harming for the PM to keep
pursuing the same strategy." This comes after EU reportedly rejected the latest
proposal presented by PM May, with reported threats of further impending cabinet
resignations, and a potential delay of the upcoming key cabinet meeting.
Although EU's Juncker thinks that the UK & EU are edging closer to a "definitive
Brexit deal that will be concluded in the coming weeks."
- While there isn't anything particularly new in the BBC story the combination
of time pressure and relatively low liquidity at this time of day may have
allowed cable bears to capitalise, with the rate hitting lows of $1.2901, where
we trade last. Hourly support is located at $1.2910/1.2900, with the lower bound
being tested as mentioned. A break would open the 61.8% retracement of the move
from $1.2696 to $1.3175 at $1.2879, followed by the October 29 high at $1.2853.