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GBP/USD last deals at $1.2255, a touch........>

CABLE
CABLE: GBP/USD last deals at $1.2255, a touch higher on the day, after surging
~120 pips yesterday. Bulls look for a break above the channel resistance at
$1.2276, while bears target the Aug 6 high of $1.2210.
- UK PM Johnson paid a visit to the Elysee Palace, meeting with French Pres
Macron. The host noted that "we will not find a new withdrawal agreement within
30 days that will be v. different from the existing one" but encouraged Johnson
to propose solutions. Cable rallied sharply thereafter as German cll'r Merkel
reiterated that it might be possible to strike a Brexit deal by Oct 31.
- It should be stressed that in spite of their market impact comments from
Merkel & Macron were no new news. FT's Sebastian Payne cited an unnamed snr
German off'l as saying that Merkel's remarks were merely "polite," while the
Cll'r believes it is almost impossible to stop a no-deal Brexit.
- Ex-Tory MP Boles outlined his plan to block a no-deal scenario, urging
parliamentary Remainers to pass legislation forcing the PM to seek Art 50
extension rather than vote the gov't down.
- Any fallout from PM Johnson's G7 meetings this weekend will be of note.

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