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Tracked a similar pattern to EUR/USD..........>

CABLE
MNI (London)
CABLE: Tracked a similar pattern to EUR/USD Wednesday, driven by risk flows.
Cable extended its pullback from Tuesday's high of $1.2648 to a low of $1.2438
before managing to recover to $1.2574 following the release of disappointing US
data. However, the weak data prompted risk off flows, which benefitted the USD
which saw cable ease off to $1.2521 into the close. USD risk demand continued in
Asia and pressed cable down to $1.2461 but had managed to recover to $1.2492
into Europe. A dip to $1.2469 quickly attracted demand which has taken rate to
$1.2497 though momentum failed to lift it back above $1.2500.
- A light UK data calendar Thursday. BOE Tenreyro due to speak at 1330GMT,
webcast on MonPol during pandemics.
- COVID-19 effects remain a key driver, attention on US Trump as he proposes
lock-down exits.
- US Weekly Jobless Claims, Phila Fed and Housing starts in focus. 
- Support $1.2461, $1.2438, $1.2410/00, $1.2350. Resistance $1.2495/1.2505,
$1.2530, $1.2550/60.
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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