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Rate saw an extended low of $1.2119...........>

MNI (London)
CABLE: Rate saw an extended low of $1.2119 Tuesday, as Brexit fall out continued
to press on sterling. However, rate did manage to recover through the day to
$1.2190 but struggled to bring any pressure to bear on reported resistance at
$1.2200. Rate drifted back to $1.2136 in NY (76.4% $1.2119-90) before it settled
around $1.2150 into the close. Trade through Asia was contained within a
relatively tight range of $1.2146-69, trading around $1.2160 in early Europe.
- A light UK data calendar with attention on US FOMC rate decision, after Europe
close. Most expect a 25bp cut with more focus on the press conference for future
rate path.
- Month-end and prelim model calls from Citi suggested mild USD sales to be
seen(awaiting final model call). Chance we could see month-end demand for
EUR/GBP which could counter this through the day. Brexit headlines remain key
for directional impetus.    
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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