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BOE Dep Governor Ramsden mention of...........>

CABLE
MNI (London)
CABLE: BOE Dep Governor Ramsden mention of negative rates in a reported
interview with Reuters in early Europe provided the weight to take cable through
support at $1.2200, the momentum slicing through recent low of $1.2186 before
touching $1.2162. Support at $1.2176 (38.2% 1.1412-1.2648) did provide some
interim support. The low fell just short of challenging the shorter term 61.8%
retrace, of the most recent rally from $1.2076 to $1.2296, at $1.2160. Some tech
traders see the earlier break of $1.2176 as exposing the 50% ($1.1412-1.2648)
level at $1.2030. However, several other levels seen on the way down, $1.2141
(rising support off that Mar20 $1.1412 low) ahead of $1.2128(76.4%
$1.2076-1.2296). A break of this latter level opens a way through to the May18
low of $1.2076. Resistance $1.2210/20, $1.2250/55. 
- UK and US holiday on Monday, end of the month looming next Friday.
- Plenty of reports suggesting sterling to move lower, though the pound so far
thwarting this outlook but feel remains heavy.   
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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