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Looking at the GBP/USD 25-delta 3-month.......>

CABLE: Looking at the GBP/USD 25-delta 3-month risk reversal, it has largely
tracked spot and sits just off the recent cycle low. It is worth noting that the
metric now captures the touted October & November deadlines for a Brexit deal
between the UK & EU. This, coupled with the large net short position in GBP
futures could explain why positive Brexit news is having a greater effect on
prices than the more negative headlines at present i.e. pessimism is priced into
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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