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CABLE: Political moves to rule out the chance of a No-deal Brexit continued to
boost sterling Wednesday. Cable extended its recent rally to $1.3081 ahead of
the 1600GMT fix, with corrective pullbacks holding above $1.3060 into the close.
Release of a strong Australian jobs report added pressure on the USD in early
Asian dealing which allowed cable to edge up to $1.3091 before momentum faded
(as AUD/USD reversed early gains) and it drifted back to $1.3069 with early
Europe adding extra weight to take it on to retest $1.3060, touching $1.3058.
Several traders noted that cable closed above its 200-dma, which if maintained
would add to the current underlying positive tone (200-dma today $1.3064).
EUR/GBP seen as playing its part in sterling progress as EUR/USD struggled again
to push above $1.1400 while cable advanced toward $1.3100. Cross made a show
under Gbp0.8700 Wednesday, touched Gbp0.8698 with early Asia extending this to
Gbp0.8697 before slowly drifting higher. Cross currently trades around
Gbp0.8709. Move has taken rate outside of its 1.0% 10-dma envelope, the base
today at Gbp0.8760, 2.0% at Gbp0.8671.