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Rate continues to improve and remains on......>

CABLE
CABLE: Rate continues to improve and remains on track to spill above the $1.27
handle for the first time in over a week. Moves aren't solely a product of USD
weakness, with Theresa May's continued resilience lending further support to GBP
which is second to just the NZD so far Tuesday. The GBP/USD risk reversals curve
also continues to adjust higher, with GBP/USD 1m 25d risk reversals improving
today to touch the highest level (calls over puts) since mid-November, erasing
the entirety of the confidence vote/48 letters debacle-inspired move lower.
21-dma lies just ahead at $1.2716.

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