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CABLE: Cable reversed of an early Europe high of $1.2628, breaking through
Thursday's (May30) low of $1.2581 before posting the lowest point since January
(Jan3 $1.2441) at $1.2559. Move was seen driven by EUR/GBP's break of tech
resistance at Gbp0.8850(recent reports noted decent demand into E1.1300/GBP)
with follow through taking this rate on to Gbp0.8875. Suggestions on month-end
sovereign demand did the rounds for the pressure on sterling. No confirmation
for this was found but did seem likely. As the cross demand faded so rate eased
back below Gbp0.8850, allowed cable to rally back ahead of the 1600BST fix to a
fresh intraday high of $1.2638. Bank models suggested USD demand was to be seen
at this fix and rate dipped to $1.2592 before it recovered back toward the high
in post Europe trade. Expect resistance at $1.2638 ahead of $1.2650 and
$1.2670/80. Support suggested back at $1.2600 ahead of $1.2580 and $1.2560/50.