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(Z1) Off Lows, But Remains Weak


Still Vulnerable


Bullish Price Sequence

CABLE: Sharp reversal to Tuesday's early rally to $1.3212 (0800GMT fix?, though
could have been EUR/GBP fix related) saw cable drop back to a low of $1.3095.
Rate recovered through the 1600GMT fix to $1.3139 before closing the day around
$1.3122. Rate edged to $1.3140 in Asia as news of Iranian missile retaliation
response hit the wires before easing to $1.3117. Fresh demand into Europe has
seen rate lift to a fresh intraday high of $1.3147 but quickly lost momentum.
More interest in EUR/GBP, yesterday saw a sharp move down to Gbp0.8466, breaking
back below its key 10-dma before snapping back up to Gbp0.8527. However,
underlying sterling buoyancy allowed the cross to ease to Gbp0.8480 through the
1600GMT fix, closing back toward Gbp0.8500. Recovery extended to Gbp0.8516 in
Asia but reversal has seen rate ease down to Gbp0.8483 in early Europe. Traders
watching to see if there will be another sharp recovery around 0800GMT. 
- Cable support $1.3105/1.3095, $1.3064. Resistance $1.3150/60, $1.3167/71(61.8%
$1.3212-1.3095/50-mma), $1.3184(76.4%).
- PM Johnson hosts EU Comm President von der Leyen and EU Barnier to discuss