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CABLE: GBP/USD last trades at $1.3090, 5 pips higher on the day, after falling
85 pips Wednesday. The rate declined steadily on Brexit pessimism, only spiking
higher around the 1600GMT London fix. An immediate pullback was followed by
another jump, inspired by BBG headlines stating that the EU has made a new offer
to the UK on the Irish backstop. However, the move was quickly erased, as BBG
followed with headlines noting that the EU's offer falls short of UK's demands.
- Also on the Brexit front, the Independent cited sources saying that Labour
will only support another referendum, if the UK does not leave on terms that
- BoE's Tenreyro spoke yesterday, stating that monetary easing would be the more
likely option in the event of a hard Brexit and added that even a smooth Brexit
would not guarantee rate hikes, if there is no evidence of rising inflationary
- Initial support noted at the Feb 22 low of $1.3080, followed by the 21-DMA at
$1.3057. Meanwhile, bulls look to Tuesday's low of $1.3098, ahead of $1.3124,
where the rate bottomed on Wednesday.