Cable saw a low in early NY Monday of.........>

CABLE: Cable saw a low in early NY Monday of $1.2965 before it began to step its

way higher again, the rate able to pare most of its day's losses (Asia high

$1.3065) to $1.3056 before it settled around $1.3045 into the close. Early Asian

market reacted positively to a Channel4 Survation Poll which suggested that 54%

of people in the UK would now vote to remain in the EU (polls didn't predict the

Brexit referendum would favour leave in 2016). Rate jumped from around $1.3044

to $1.3069 but momentum quickly faded and it drifted off to $1.3043. Like

EUR/USD rate began to recover ahead of Europe, pushing back up to retest the

earlier high in early European trade. UK Cabinet will be in locked discussions

throughout the day to consider latest Brexit negotiations. Meeting said to be

held in strict privacy so no headlines expected but market to be on watch.

Market seems to be favouring the two sides are close to an agreement but know

there are several hurdles that need to be negotiated before a deal can be

finalized. Cable resistance seen at $1.3069/71, a break to expose

$1.3090/1.3100. Support $1.3010/00 ahead of $1.2965-50. $1.2925 holds strike of

a large option expiry for today's NY cut, Gbp1.11bn.