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Reported hourly support did its job as it.....>

CABLE
MNI (London)
CABLE: Reported hourly support did its job as it cushioned the initial break
below $1.3200 at $1.3187. Rate currently trades around $1.3200. Despite the
partial recovery the underlying tone remains heavy. Traders linking the pressure
on sterling to political concerns, PM May's performance at the Conservative
Party Conference has sparked press reports that ministers are looking to oust
her, possibly by Christmas, but this is pure speculation. HSBC report this
morning also highlighted political concerns suggesting market has underpriced
the risk of a 'no deal' Brexit, which they see opening a deeper pullback toward
the $1.26 area. 
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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