Cable is slightly heavish & last trades at....>

CABLE: Cable is slightly heavish & last trades at $1.2988, 13 pips worse off. No

fresh catalysts noted so far, but the rate probably still feels the impact of

yesterday's pressure. Although a beat in UK Services PMI reading lifted the rate

in the European morning, cable took a nosedive as BBG reported that the EU is

planning a shake-up of MiFID II (the bloc's post-crisis financial rulebook),

which would see the removal of all concessions made to the City of London.

Better than expected U.S. economic data prompted GBP/USD to sink deeper, before

it pared some losses over the WMR fix.

- Bears keep an eye on the Feb 4 low of $1.2942. A break here would draw bearish

attention to the Dec 23 low/100-DMA at $1.2905/1.2895. Bulls look for a rally

above the nearby $1.3000 mark before targeting the 50-DMA at $1.3081.