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Pulled lower by ECB react EUR slippage,.......>

CABLE
MNI (London)
CABLE: Pulled lower by ECB react EUR slippage, cable extending recent lows to
$1.3229 but EUR/GBP has diverted some of this downside pressure. Cross was
pressed to a low of Gbp0.8722 at the Asia open but has recovered to current
level of Gbp0.8734 as the EUR performs a mild recovery. Cable has edged higher,
again taking its lead from EUR/USD, to currently trade around $1.3240. Expect
direction to be dictated by EUR plays on the day, some risk aversion though also
relevant as the US/China trade spat looks set to escalate. The YTD low of
$1.3205 not far away, expect support into this level and on approach to $1.3200.
Resistance at the earlier Asian high of $1.3273. 
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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