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Cable pares losses after better UK data but sellers remain in control


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Cable moves off the lows as UK services PMI beats expectations


ForexLive

However, it does little to change the technical picture significantly as price continues to hold below the 100-hour MA (red line) @ 1.2147.
That means sellers are still in near-term control and despite the bit-part relief from the data, it’s hardly suggestive of a turnaround in the UK economy to start Q3.
As long as Brexit uncertainty continues to reign, the pound should remain pressured in the bigger picture and EUR/GBP is a good depiction of that as price is up by 50 pips and is closing in on the 0.9200 handle today.

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