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CABLE: Impressive recovery for sterling after the BOE left the door open for a
potential rate hike regardless of a disruptive Brexit. Cable had seen an
extended low of $1.2854 on the initial reaction to BOE MPC headlines (Bank
revised near-term GDP and inflation forecasts lower (although kept longer-term
forecasts near-unchanged) before it bounced back to $1.2996, while EUR/GBP
reversed away from its traded high of Gbp0.8814 to Gbp0.8728. However, sterling
was seen paring part of those gains into the European close, cable drifting off
to $1.2960/65 as EUR/GBP edged back to Gbp0.8761 before it settled around
Gbp0.8755. PM May in Brussels but nothing concrete so far on the negotiations.
However, BBC Kuenssberg tweets say Tusk suggestion to May that Corbyn letter was
potential way through will increase calls for cross party compromise. But
political belief in much of govt is that if May moves to softer Brexit to get it
through House she would not be able to govern after, sacrificing position and
Govt to get deal done. Cable looks set to close above 100-dma at $1.2891 though
seen needing a close above 200-dma to relieve current underlying bearish tone.
Cable resistance $1.3000, $1.3050/55. Support $1.2890, $1.2855/50.