Cable managed to recover off Monday's low.....>

CABLE: Cable managed to recover off Monday's low of $1.2252, the dip holding

just shy of technical support at $1.2250(76.4% $1.2076-1.2813), trading to

$1.2301 into the close. Recovery extended in early Asia to $1.2317 as risk was

given a boost on release of China PMI data before momentum faded and rate

settled back around $1.2300. Heading into Europe and positions were adjusted

ahead of the release of UK final Q1 GDP with sterling seen under pressure.

Revision from -2.0% to -2.2% provided another knock to sterling as cable was

pressed back to $1.2274, with recovery efforts so far holding shallow. Support

remains into $1.2252/50, a break to expose next support $1.2234 ahead of

$1.2206, with $1.2162 likely to beckon. Resistance $1.2320.

- BOE Haldane(hawkish) speaks at 1100BST, BOE Cunliffe(dovish) at 1500BST. PM

Johnson to unveil his 'Rooseveltan' new deal, though most details already in the

market.   

- Month-end and final model signals awaited. Possible that last night's Wall St

close could produce a neutral USD signal, though trend yesterday had flipped to

USD buys, one major bank suggesting short cable into the fixes.