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Market optimism ahead of PM Johnson's.........>

CABLE
MNI (London)
CABLE: Market optimism ahead of PM Johnson's meeting with EU officials Monday
dented with no definite breakthrough seen. Cable, which had seen a push up to
$1.2523 in opening trade Monday, eased to a low of $1.2400 ahead of the fix
before it nudged back to $1.2430 into the close. EUR/GBP picked up demand in
Asia which influenced cable back to $1.2408 in Asia before it edged back to
$1.2423 into Europe. Fresh sales emerged into the session which have pressed
rate back to $1.2407, though move seen driven by USD strength as cable tracks
EUR/USD slippage and EUR/GBP pares overnight gains. News reports this morning
seem to suggest that there may have been more in the meeting than was announced,
which will keep the underlying sterling buoyancy alive. 
- Cable support $1.2400, $1.2385/75. Resistance $1.2432, $1.2450 $1.2480/85. 
- UK data calendar light with attention set on Brexit developments, Middle East
tensions, following the weekend attack on Saudi oil facilities. UK Inflation
data Wednesday ahead of BOE MPC Thursday. FOMC headlines ahead of this on
Wednesday.   
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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