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Improved risk appetite at the European........>

CABLE
CABLE: Improved risk appetite at the European crossover lifts GBPUSD back
through $1.30 to extended recovery highs of $1.3010. Next resistance seen at
$1.3044/55 from the 23.6% retracement of $1.3350-1.2949 & 21-dma.
- GBPJPY currently rests on the 200-dma at Y144.65 with a close above needed to
improve the outlook.
- EURGBP eased to Gbp0.8642, support at Gbp0.8621 from the 38.2% fibo of
bp0.8536-0.8674.
- A reminder that Barclays trade of the week is to sell EURGBP. They recommend
short EURGBP with spot ref at Gbp0.863, target at Gbp0.84 and stop at Gbp0.876.
After the sequence of Brexit votes in the UK, GBP should benefit from decreased
uncertainty in the environment, in our view.

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