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Market Wire Update:
U.K. Economics To Drive Cable
Ahead of the U.K. economic releases at 04:30 EDT, we have very little market momentum, and a s such we will need to take care in how far any Gbp related trade can go, if it is not backed by the major pairs moving as well. The trade plan numbers on cable are Long from 1.6310 and short from 1.6110, although it would be advisable to let initial breaks go, and look to take any pull-backs, ensuring that the major pairs are also starting to move that way.
Fundamentals:
The fundamentals are being absorbed from the U.K. and have left a very mixed picture in regard to the chances of near-term growth, it therefore now all comes down to sentiment to move fair value. The U.K. economics are creating wild price swings as red flag releases hit the wires.
Calendar:
04:30 EDT Gbp. Revised GDP. Expected -0.8%. Previous -0.8%.
04:30 EDT Gbp. Index of Services. Expected -0.6%. Previous -1.0%.