Cable consolidated Wednesday's recovery.......>

CABLE: Cable consolidated Wednesday's recovery with a firm tone on Thursday,

remaining above $1.2900 for the most part, following the broader USD path,

though the rate failed to challenge Wednesday's high ($1.2983).

- There was no press conference after the latest meeting between EU & UK Brexit

negotiators.

- With GBP/USD holding above $1.2900 the short term outlook is looking more

constructive. A break of downtrend resistance at $1.3000 & the 50-DMA ($1.3013)

would shift the outlook firmly bullish and suggest that a basing pattern has

formed. Bears continue to focus on the $1.2800 level, a close below here would

trigger renewed pressure, bringing the YtD low ($1.2662) back into view.

- Brexit developments remain key, with a quiet UK docket apparent for the

remainder of the week, ahead of next week's labour market report & GDP/output

data, which will be followed by the latest BoE MonPol decision.