Cable clawed its way to a $1.2970 high........>

CABLE: Cable clawed its way to a $1.2970 high Thursday before it reversed in

early US trade to an eventual low of $1.2893. Rate managed to recover to $1.2914

at the close. No main reason for the corrective pullback(though Labour did

release its manifesto for the upcoming Dec12 election) yesterday, move lower was

seen in tandem with EUR/USD though sterling took the lead which allowed EUR/GBP

to edge back to the area around its 10-dma(today at Gbp0.8567). The late cable

recovery continued in early Asia to $1.2923, dipped to $1.2910 before it

extended the high to $1.2927 into early Europe. Election, with its implications

for Brexit, continues to be the main driver of sterling direction. However,

attention will be on this morning's release of UK flash PMI's, first time we

have seen a flash set from the UK and is based on 85% of the full survey, which

will be released at a later date (as per EZ PMI data). 

- Cable support $1.2910/00, $1.2893/88. Resistance $1.2932(50% $1.2970-1.2893),

$1.2941-52(61.8%-76.4%), $1.2985-1.3000.