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Optimism remains that a way forward has.......>

CABLE
MNI (London)
CABLE: Optimism remains that a way forward has been found toward a Brexit deal,
following comments made after the UK PM Johnson and Ireland PM Vradkar meeting
Thursday, though no details given, with focus now turning toward today's meeting
between the UK Brexit Secretary Barclay and EU Barnier. If details are
forthcoming and the positive comments continue the market could see a
significant sterling recovery underway. However, market has been here before and
is wary of disappointment. Weekend approaching (Columbus Day Monday) which could
see a paring back of current long spec positions if nothing definite is
announced. Sterling retains an underlying buoyant tone, cable having touched a
high of $1.2469 Thursday, with pullbacks so far contained at $1.2425 (Asia low),
the recovery off this level touched $1.2467 into Europe, currently trades around
$1.2450. 
- Support $1.2425/20, $1.2400, $1.2365/60. Resistance $1.2467/69, $1.2491(76.4%
1.2582-1.2195), with some seeing $1.2500 beckoning whilst the positive tone
continues.   
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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