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Sterling remains on the defensive back foot...>

CABLE
MNI (London)
CABLE: Sterling remains on the defensive back foot as market seen wary of
further 'no-deal' Brexit comment. Cable did manage to recover off Tuesday's low
of $1.2924 (missing a retest of Monday's fresh YTD low of $1.2920), to $1.2960
in earlier Asian trade but Europe has quickly punched the rate back down to
$1.2936. Rate currently trades around $1.2940. EUR/GBP edged to an extended
recovery high of Gbp0.8977 in Asia, off its BOE MPC reaction low of
Gbp0.8855(Aug2). Next resistance in the cross seen at Gbp0.8981/86, a break to
expose the top of its 10-dma 1.0% envelope at Gbpp.9002. With market sitting
short sterling market could be vulnerable to any positive Brexit comment. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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