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Negative Brexit Comments Keep Pressure on Cable, Though EUR/GBP Providing Some GBP Buoyancy

CABLE
MNI (London)

Having seen demand emerge into the 1600BST fix over the last three days there appears to be plenty of negative Brexit commentary going around which could be countering any bid interest. Rate saw a European morning high of $1.3068 into the 1000BST fix but has since stepped its way lower, getting an added press lower as a full NY returned, trading down to $1.2960 as market reacted to negative comments regarding Brexit progress. Rate did see a recovery to $1.2993 but move was seen facing additional headwinds from a retreating EUR/USD, with EUR/GBP also feeling that weight, which in turn has provided some counter buoyancy for cable. Minor resistance now seen into $1.3000, a break to open a move toward $1.3020/30. Support remains at $1.2960/50.

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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