All eyes were on the BoE decision on..........>

CABLE: All eyes were on the BoE decision on Thursday. GBP initially strengthened

as the first read of the decision was hawkish: a unanimous vote to hike & an R*

estimate seen toward the upper end of the range (2-3% nominal bank rate).

GBP/USD surged to $1.3125 before fading as Carney stressed that policy remained

wholly dependent on economic developments, which remain outside of the Bank's

mandate (namely, Brexit). GBP sales saw the rate touch $1.3016, within spitting

distance of the 2018 low at $1.295.

- A modest bounce was seen before the cross faded to lows heading into Asia,

after USD strength kept a lid on the pair through NY dealing.

- The intraday volatility has translated into a bearish formation on daily

charts, with a break below trendline support. Key near-term support at 1.3089/82

has also been cleanly broken, now putting the focus on the 1.2957 July low ahead

of the channel support currently at 1.2920. Gains above 1.3094 are needed to

provide initial stability, but a break above 1.3174 is required to improve the

technical outlook.

- UK Services PMI is due later today.