Cable recovered off an extended low of........>

CABLE: Cable recovered off an extended low of $1.2769, seen post London fix

Friday, to $1.2788 ahead of the close. The pound had continued to reel from

Thursday's vote split in the MPC decision to keep rates unchanged, prompting

some analysts to suggest the UK could see two rate cuts through 2020, which

pressed the rate to its low before pressure eased into the weekend. Today's

release of UK GDP will therefore be of major interest. Sterling opened Asia with

a firm tone, despite Moody's having downgraded UK's outlook to negative, most

traders linking tone to weekend press polls that have shown PM Johnson with a

decent lead. Cable managed to extend recovery to $1.2807 before rate settled

around $1.2790 through the balance of the session before picking up fresh demand

into Europe which has rate back above $1.2800. Initial resistance noted at

$1.2822, a break to open a move toward $1.2833 ahead of $1.2850/60. Support

remains into $1.2769, a break here suggested could accelerate sales toward

$1.2750. A break of $1.2745 could worry longs.

- UK prelim Q3 GDP at 0930GMT. Market median 0.4%QQ vs -0.2% in Q2, -0.1%mm vs

-0.1% last. IP and Trade released same time.