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CABLE: GBP/USD holds steady at $1.2129 after shedding 23 pips yesterday.
- The pair eked out some gains in the second half of yesterday's Asia-Pac
session before wiping them out as London traders came in. Weekend news flow did
little to improve outlook, as it highlighted the threat to the UK economy from a
disruptive Brexit. However, the $1.2100 figure remained intact and cable bounced
from lows thereafter, recovering to $1.2158 before a stronger USD dragged it
slightly lower into the close.
- Support noted at the 200-HMA at $1.2100; resistance at the 21-DMA at $1.2186.
- UK PM Johnson wrote a letter to EU Council Pres Tusk, reiterating that the
Irish backstop needs to be scrapped and could be replaced by a legally binding
commitment not to set up infrastructure or carry out checks at the Irish border,
provided that Brussels makes the same pledge. The Guardian's EU sources once
again ruled out reopening negotiations on the current withdrawal agreement.
- The White House said that U.S. Pres Trump spoke with UK PM Johnson ahead of
their upcoming meeting at the G7 summit. Elsewhere, the Sun reported that
Johnson told trade ministers to leave NHS out of trade talks with the U.S.