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Sterling Spikes on BOE

CABLE
MNI (London)

BOE left rates/QE unchanged, as widely expected at their monetary policy announcement Thursday. No major shift in language prompted sterling demand which lifted cable out of its earlier Asian range of $1.3112-44 to a high of $1.3183, moving easily though recent highs of $1.3162/70. However, momentum failed to provide the push toward the Mar9 high of $1.3200 where decent resistance is expected to emerge. On that note resistance is noted from above $1.3180 through to the figure. Corrective pullback now finds support at $1.3160. A break to exdpose the earlier high of $1.3144 ahead of $1.3120, stronger into $1.3100.

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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