EUR/GBP selling, Cable to back off 1.4500 for now, retest at a later stage

Cable is looking a little tired at the highs, with 1.4500 having provided very strong offers yesterday – a number of attempts in both London and NY failing to breach this level.

 However, the spot rate remains propped up for now, but this is more so on some EUR/GBP selling rather than the negative USD theme in play.

 We sense a correction is in the making in all Ccy/USD pairs, with EUR/USD notably lower having also failed on reaching the early Feb highs at 1.1375.

 That said, the longer term view is that EUR/USD pushes through here, and perhaps Cable through 1.4500, but the latter pair will have limited progress as we expect Brexit concerns to temper any GBP recovery in the near term.

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