Bounce off the earlier Asian low of $1.2518...>

CABLE: Bounce off the earlier Asian low of $1.2518 gained pace in Europe, cable

managed to edge above Thursday's high of $1.2625 to $1.2629 into NY. Fresh

demand into the US session extended the move to $1.2642 where it met decent

resistance before it stretched on to retest Wednesday's high of $1.2650 (with a

descending trend line also noted just above at $1.2651, drawn off the Mar9 high

of $1.3200). A break here to expose the area of recent highs at $1.2664/66/70

ahead of $1.2681(76.4% $1.2813-1.2252). Traders have suggested that sterling

recovery driven by the move up in equities/risk positive, whilst others suggest

could lifted on hopes for the Oxford vaccine(though release of results prompted

little positive action). EUR/GBP, which had edged outside of its 1.0% 10-dma

envelope again, struggled to build on the move and performed a sharp pullback,

moving back inside the envelope before finding some support ahead of the key

technical 10-dma at Gbp0.9027(low Gbp0.9031). Cable currently trades around

$1.2647, EUR/GBP at Gbp0.9045.