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CABLE: Sterling has caught a fresh bid after the Commons passed the "Cooper
bill" forcing the gov't to avoid a no-deal Brexit. The bill will now go to the
House of Lords. GBP/USD last seen at $1.3176, 18 pips better off.
- On Wednesday, Cable rose into the European morning, topping out at $1.3196,
before it dipped to $1.3144 on the back of a soft services PMI reading. The
index slid into contractionary territory for the first time since 2016, with
markets expecting a more modest downtick. Subsequent recovery was followed by a
dip to the intraday low of $1.3122. The pair then gyrated through the rest of
the day, but stuck to a familiar range.
- Also on Wednesday PM May & Labour's Corbyn emerged from their meeting re:
Brexit pledging further talks, but offered little of substance. Elsewhere, EU's
Juncker said that the UK cannot count on another short Brexit delay.
- On the technical front, bulls remain focused on yesterday's high/the
psychological $1.3200 mark. Meanwhile, bears look for a fall through $1.3149/50,
which put a cap on gains on Monday and Tuesday. Below here opens the 200-HMA at
$1.3136, where the rate peaked last Friday.