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GBP/USD surged from fresh YtD lows on.........>

CABLE
CABLE: GBP/USD surged from fresh YtD lows on Thursday, in the wake of the BoE
rate decision. A 6-3 rate split & the announcement to unwind QE once the bank
rate reaches 1.5% came down on the hawkish side and cable moved above $1.3200.
Persistent USD sales squeezed the pair to to $1.3270, before profit taking
kicked in. EURGBP sales & USD weakness reversed the move lower overnight &
helped the cross to top yesterday's high, last $1.3272, highs of $1.3276
overnight.
- BoE Gov. Carney revealed little new in terms of the outlook for MonPol in a
dinner time address late Thursday.
- The next resistance level is seen on the approach to $1.3300, while hourly
support is noted at $1.3200/05.
- Final Q1 GDP data provides the economic highlight of the UK docket over the
next week or so. On the BoE front, Governor Carney, McCafferty & Haldane (the
who moved to the dissenting side) all appear next week, with incoming MPC member
Haskel is set to appear at his appointment hearing next 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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