• Cable off better levels, but downside limited to 55HMA (1.3215) thus far

• Should 55HMA give way, this opens up 1.3178 (100HMA), 1.3126 (Powell level)

• It's a bad day to be short USD nL1N3KF08N

• Overall, sterling remains in the ascendency. Among clearest USD alternatives

• Evidenced by the drift lower in EUR/GBP as the YTD come into view

• However, given EUR/GBP is a range trade, 0.84 may provide a floor

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