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Cable also benefited from the month-end USD...>

MNI (London)
CABLE: Cable also benefited from the month-end USD sales, the rate rallying to a
high of $1.2643 into the 1600BST fix before momentum faded in post fix trade.
However, rate met support around $1.2565 before edging back toward $1.2600 at
writing. EUR/GBP again added to sterling buoyancy as the cross extended its move
away from its key technical 10-dma (currently at Gbp0.8735) to a low of
Gbp0.8671. Recovery in the cross so far holds below Gbp0.8700, as well as
looking set to close another session below its 10-dma. PM Johnson led today's
COVID-19 press briefing noting that the UK has now passed the peak of infection
wakening hopes that next week could see some lifting of the lock down
restrictions. Comment also that Brexit negotiations are progressing well, though
no details given. Left leaning press suggest fishing rights a stumbling block.
- May Day holiday in Europe Friday could subdue activity into the weekend.
- Cable support $1.2565, $1.2518. Resistance $1.2600, stronger into $1.2645/50. 
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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