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CABLE: A mix of 1600GMT month end fix demand and an easing in 10Y UST yields saw
cable rally hard to an extended intraday high of $1.3160 before momentum faded,
the rate then sank back to $1.3113 with the pullback in EUR/USD seen providing
the influence. Several traders earlier noted that bank models were indicating
USD sales to emerge at the fix but added this could be countered by SOMA USD
demand ($11.7bn). The turn around in cable, retracing post-fix, saw EUR/GBP
bounce off its fix low of Gbp0.8711 to current level above Gbp0.8730. Cable
support seen at the earlier pre fix low of $1.3098, a break here to expose
$1.3055/50. Resistance $1.3160/70 ahead of $1.3200.