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Free AccessSharp pullback Wednesday from cable's UK......>
CABLE: Sharp pullback Wednesday from cable's UK CPI react high of $1.3215 to a
low of $1.3099 as market pulled back on reports that the UK and EU remain at an
impasse on the Irish border question in Brexit negotiations. Move squeezed out a
lot of the weaker speculative longs which fuelled the dip. However, fresh demand
moved to take advantage of the fall, most seeing that some compromise agreement
will be reached rather than a no-deal exit. Recovery met resistance into
$1.3170, support on the pullback at $1.3120 before rate settled between
$1.3145/50 into the close. Early Asian dip to $1.3135 before rate slowly edged
higher, meeting resistance around $1.3154. UK Retail Sales at 0830GMT provides
the data highlight of the day. Market looking for some pullback in August's
numbers to July's strong show, market median -0.2% mm for headline and ex-auto
from previous 0.7%/0.9% in July. EU Summit in Strasbourg continues with traders
to be on Brexit headline look out. Cable support $1.3126/20 ahead of $1.3100.
Resistance $1.3170 ahead of $1.3200 and recent high of $1.3215.
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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.