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*** Sterling trades with a firmer tone........>

CABLE
MNI (London)
CABLE: *** Sterling trades with a firmer tone Thursday, though remains at
overall weaker levels. Traders switch attention to the second reading of UK Q2
GDP at 0830GMT. Market median for the data to remain unchanged at 0.3%QQ,
1.7%YY. MNI support this view and only see an outside chance for an improvement.
Cable saw a high of $1.2806 in Asia before it drifted lower, found a base at
$1.2774 in early Europe before it bounced back, eventually pushing up to $1.2813
following the break above $1.2800. Eur/Gbp has eased to Gbp0.9205, extending its
corrective pullback from Wednesday's high of Gbp0.92365. Gbp/Jpy also recovers
but seen meeting resistance around Y140.00. Cable resistance seen at Wednesday's
high of $1.2833. Support $1.2750. Rate currently trades around $1.2805 at
posting. 
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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