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(U2) More Stable But Still Fragile

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CABLE
CABLE: GBP/USD stuck to an extremely tight range on Wednesday.
- UK PM May's meeting with EU's Juncker failed to deliver a final Brexit deal
agreement. Negotiators are said to be working through the night, with May
scheduled to return to Brussels on Saturday ahead of Sunday's EU summit.
- France and Spain continue to pose the immediate threat to matters on the EU
side, while the bigger question remains, will May be able to get the UK-EU
agreed deal through domestic parliament?
- Cable last $1.2778. Support noted at the Nov 15 low and trend line support
from the Aug lows at $1.2724/06 ahead of the August YTD lows at $1.2662. To
reignite upside momentum, bulls need to break above Monday's high at $1.2883 and
then the 100-DMA at $1.3008.
- Brexit matters will dominate GBP for the remainder of the week.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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