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Pound drops, Govies rally

CROSS ASSET
  • Cable breaks through the low, Gilt and EGBs jump.
  • TYU3 bought in 3k and FVA 2.5k, after UK Services PMI falls back into contraction territory.
  • Just over a 50 pips drop in Cable, with wider GBP selling, following the PMI miss.
  • Next support in Cable is still further out, at 1.2617 Low Aug 14.

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