Cable recovery marches on, the rate able to...>

CABLE: Cable recovery marches on, the rate able to extend on to $1.2611 as

equities continue to drive the risk on trade, to the detriment of safe haven

currencies. Move above $1.26 saw momentum fade and rate dipped back to $1.2567

before fresh demand emerged to allow it to recover to $1.2593 into Europe,

meeting some resistance around the top of its 2.0% 10-dma envelope. A move above

here to expose the earlier high of $1.2611 ahead of $1.2640/50 and $1.2670/80.

Support seen at $1.2567 ahead of $1.2530/25, $1.2500 and $1.2480.

- Positive risk outlook remains the key driver of trade. In the background

Brexit negotiations continue today, as well as recent comments from BOE

officials leaving the door open to negative rates if the post COVID recovery

falters. 

- Final UK Svcs PMI due at 0930BST (flash 28.0) provides domestic data interest.

US ADP, Durable Goods, Factory Orders and non-MFG ISM the focus this afternoon.