// COMPARE

Cable closed at 1.3445 (+0.21%), a modest grind higher tracking broad dollar softness. Deutsche Bank's EUR/GBP rally call dampened sterling enthusiasm; GBP underperformed EUR on the session.

Sterling lacks a domestic catalyst this week, so it's purely a dollar funding play. BoE pricing already discounts cuts; without an inflation shock, GBP is range-bound between dollar sentiment and EUR cross-flow.

UK retail sales data and any BoE speaker hints on August cut timing. Resistance at 1.3480; support 1.3400. EUR/GBP move above 0.8680 would cap GBP/USD regardless of dollar direction.

Microsoft surged 3.47% to $426.99, the day's mega-cap leader on a multibillion-dollar Pentagon software deal report from Dell. Azure/AI demand stack stays in play.

MSFT is monetizing every AI angle — government, enterprise, OpenAI partnership. The Pentagon deal validates Azure's defense vertical, the highest-margin durable revenue stream available to a hyperscaler.

Whether the deal headline gets confirmed/expanded. $430 is the breakout level; clean print opens $440. Support $420. AI capex commentary from peers will matter into next earnings.