// 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.

USD/JPY slipped to 159.24 (-0.20%) as the dollar lost some Iran-premium overnight, but the pair stayed pinned near intervention-watch territory. Yen failed to capitalize on lower US yields.

The carry is still doing the work — even with US10Y at 4.46% (-0.58%), the differential vs JGBs keeps shorts on the back foot. Only MoF intervention or a Fed-pivot signal breaks this.

BoJ summary of opinions Friday; any hawkish hint accelerates yen recovery. 160.00 is the line that triggers verbal intervention rhetoric. Downside support 158.50 then 157.80.