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CABLE: Sterling outperformed Thursday, in the wake of the BoE's MonPol decision
& inflation report. The Bank voted unanimously to stand pat on its MonPol
settings, as expected, revising its near-term GDP and inflation forecasts lower
(although kept longer-term forecasts near-unchanged), before warning that rates
could rise even if the UK goes through a disruptive no deal Brexit, ultimately
lending some support to GBP after the initial hit on the economic forecast
- Elsewhere, lack of optimism on the Brexit front weighed on GBP during the rest
of Thursday. UK PM May went to Brussels and some reports suggested that she
asked EU officials to implement a time limit on the Irish backstop, with the EU
consistently opposing a renegotiation of the current deal. Juncker and May will
meet again later this month.
- GBP/USD last trades virtually unch. at $1.2950 after adding 20 pips Thursday.
- Bulls focus on the 21-DMA at $1.2992, ahead of Thursday's high & the
psychological $1.3000 level. Meanwhile, bears eye the lower 1.0% 10-DMA envelope
at $1.2905, followed by the 100-DMA at $1.2890.