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CABLE: Cable struggled to hold gains above $1.2800 Thursday, the rate managed to
touch $1.2804 twice before being rejected. Move up was seen more on General USD
weakness, following dovish comments from Fed officials ahead of FOMC Minutes,
but move lagged behind EUR/USD's stronger recovery which in turn extended
EUR/GBP's gains back above Gbp0.0900. Cross touched a high of Gbp0.9041 before
it found support around Gbp0.9020 ahead of the close. Cable's initial rejection
from $1.2804 found support at $1.2735 before a retest post FOMC Minutes. Early
Asia USD/JPY demand acted to press cable down to $1.2782 before Japanese
institutional JPY demand post fix acted to take cable to $1.2801 but it again
faced headwinds above the figure. Cable drifted lower through the balance of the
session, extending move to $1.2773 in early Europe. Brexit back in focus as UK
Parliament debates the process ahead of next Tuesday's meaningful vote.
Opposition Labour leader Corbyn likely to threaten a confidence motion if PM May
loses that vote. A Brexit delay becoming a likely scenario.
- Cable support $1.2735, $1.2716-00. Resistance $1.2800/10.
- Another round of Fed speakers today in focus.