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CABLE: Sterling made gains Tuesday on the back of the release of stronger than
forecast earnings growth, with the unemployment rate dropping back to equal
multi-decade lows. The initial data move saw rate trade up to $1.2928, off a low
of $1.2856, then extended the rally to $1.2975 through a returning NY market.
Rate closed the day around $1.2955. EUR/GBP also reflected sterling strength as
it pressed to a low of Gbp0.8760 before finding decent support. Cable slowly
drifted lower through a fairly quiet Asian session, eased to $1.2943 ahead of
Europe before fresh demand emerged into the new session. Rate trades around
$1.2965 at writing and looks fairly buoyant. Resistance noted into $1.2975 ahead
of $1.2994-1.3001(Jan18-Jan17 highs). Support $1.2930/20 ahead of
EUR/GBP slowly edged its way to Gbp0.8782, as sterling pared Tuesday's gains,
dropped back below Gbp0.8780 early Europe. Base of its 1.0% 10-dma envelope
currently at Gbp0.8766, Jan22 low Gbp0.8760.
- UK econ calendar for the week rather light. BoE Broadbent set to speak later
today, but Brexit matters remain in the spotlight.