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GBP/USD's recovery, triggered by reports of...>

CABLE: GBP/USD's recovery, triggered by reports of a potential EU compromise re:
Brexit, stalled just above $1.2900 on Thursday, with the subsequent reversal
extending to fresh 11-month lows of $1.2820.
- The cross last deals at ~$1.2830. A break above $1.2976 is needed to provide
the first sign of stability, but $1.3064 would have to be overcome to generate a
bullish reversal. Bears look to the 61.8% retracement of the move from $1.1841
to $1.4377/Jun 16 2017 high ($1.2810/05), with a break opening up a move to the
Dec 06 2016 high/Aug 27 2017 low region ($1.2775/74).
- The latest Times/YouGov poll is doing the rounds, and has the Conservative
Party in a 4 point lead (after a dead heat last time out), with opposition
leader Corbyn's popularity taking a leg lower.
- UK GDP/output data will dominate today, ahead of a busy UK docket next week,
which includes CPI, labour market data & retail sales.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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