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CABLE: Recent dovish comments from MPC members, followed by weak data releases
through last week, were added to by reported comments from UK Chancellor Javid,
who signalled that the UK will not seek a close economic alignment with the EU
after Brexit in an interview published over the weekend, kept sterling on the
defensive into early Asian trade. Cable was marked down to $1.2989, from its
close of $1.3013 Friday, managed to nudge its way back to $1.3009 before it
settled above $1.3000 through the balance of the session. Fresh selling emerged
into Europe which has pressed the rate to a fresh intraday low of $1.2982. Cable
has met technical support at this low, a rising support line drawn from the Nov8
low aiding but rate retains a heavy feel at writing with recovery efforts so far
remaining shallow. A break here to expose the YTD low at $1.2955(Jan14). MLK
holiday in the US today expected to thin markets. Market seen awaiting flash PMI
data Friday(to gauge a possible rate cut from the BOE at its January
meeting-Jan30), though market expecting positive post election sentiment.
- Cable support $1.2982/80, $1.2950. Resistance $1.3000, $1.3009/19, $1.3025/35.