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Recovery off Monday's low of $1.2456 failed...>

MNI (London)
CABLE: Recovery off Monday's low of $1.2456 failed to edge back above $1.2500,
touched $1.2499 before it eased off to $1.2469. Rate closed yesterday's session
around $1.2477, touched a high of $1.2482 in opening Asian trade before it
drifted back to retest Monday's low. Support was found here in Asia but general
USD demand into Europe has seen rate extend lows to $1.2450. A break below here
to open a deeper move toward $1.2427-24 (Jul18 low/76.4% 1.2382-1.2558). General
USD strength the early driver but attention in sterling to switch to the
Conservative Party leadership result, expected around 1100GMT, with Boris
Johnson the expected winner. Focus will be on any acceptance speech, especially
concerning Brexit. CBI data due ahead of this at 1000GMT but likely to be
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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