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PM Johnson's cabinet shuffle produced a.......>

CABLE
MNI (London)
CABLE: PM Johnson's cabinet shuffle produced a shock resignation by Chancellor
Sajid Javid (disagreed with sacking staff) with sterling gaining a boost on the
appointment of Chief Secretary to the Treasury Rishi Sunak as move seen
loosening Treasury purse strings. Cable lifted from around $1.2945 to a high of
$1.3070. Rate dipped to $1.3043 through the 1600GMT fix, recovered to $1.3063
then drifted off to $1.3046 into the close. Consolidation through Asia saw rate
contained by $1.3039/49 but was seen picking up mild demand into Europe as rate
touched a fresh intraday high of $1.3056. 
- Support seen around $1.3040, $1.3020 stronger into $1.3000/1.2990. Resistance
$1.3060/70, $1.3100/10. 
- A light data calendar for the UK Friday. Focus on EZ and US data, developments
in the COVID-19 spread, Cabinet reshuffle fall out and Brexit trade talks.
Weekend approaching which could prompt some position adjustments.    
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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