Another spin cycle for GBP and cable today....>

CABLE: Another spin cycle for GBP and cable today. Most of the action has been

in Govies this morning with FX and even Equities taking a step back, with risk

neither on or off, or at least lacking direction.

-Cable has held that area noted for the past few weeks at 1.3162. We managed a

1.3153 high yesterday. Likely to have some selling interest up there ahead of

PMI tomorrow. Also noted yesterday, that a few desk had significantly changed

their calls for the PMI to as high as mid 50s. The gist last week, was a that a

reading below 49 (consensus is 48.8) would tilt the BoE towards a cut. All will

be revealed.. 

** A clear break thru that 1.3162-ish area , would open the way back towards

1.3231 initially.