[EUR/GBP] and [CABLE] are
By[EUR/GBP] and [CABLE] are both under pressure out of the gate this
morning with Eur/Gbp's failure to break key 0.8600 resistance triggering a
setback so far into 0.8510. While the Irish bailout package is still to
be agreed this has provided a welcome backstop to the heavily exposed UK
banking sector. Also helping Gbp at the moment is comments from the
Nationwide saying that they think its unlikely that there will be large
house price falls. A test of 0.8450/60 still looks favourite over the
near term especially with the Irish political situation in such turmoil.
Cable meanwhile blew through support at 1.5970 and 1.5935 yesterday and is
now looking at large scale bids in the 1.5840/80 zone. Though a buy on
dips strategy still prevails in Cable a break of 1.5830 would surely
weaken Cable bulls resolve
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