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Bullish Outlook


Trend Needle Still Points South


US-ASEAN Summit Concludes


Risk-On Sentiment Dominates

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CABLE: GBP was, by a distance, the poorest performer in G10 FX Monday, as
markets took out their frustration with PM May's 'deferral' of a meaningful vote
on Brexit out on the pound, which fell to fresh cycle lows vs. EUR & USD.
- Cable bottomed out just ahead of $1.2500 having slipped through numerous key
support levels, opening up the pair to further downside pressure ahead of
Christmas. The next steps for the government are to secure concessions from the
EU before scheduling another meaningful vote which could take place as late as
January. GBP volatility clearly here to stay as May faces fierce opposition from
both sides of the House.
- GBP/USD last $1.2563, virtually unchanged. Bears look to Monday's low of
$1.2507 as the initial level of support to test. A breach would open up the
April 10 2017 low at $1.2351. To move the outlook back to neutral, bulls need to
recover the Oct 30 low of $1.2696.
- Labour market data headlines the docket Tuesday, with Brexit matters set to
dominate for the foreseeable.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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