Cable was lifted to a recovery high of........>

CABLE: Cable was lifted to a recovery high of $1.2520 on the back of risk

appetite, given a boost from a returning US market after taking their lead from

earlier positive gains in Chinese equities. However, the recovery was tempered

by EUR/GBP, the recovery in the cross seen driven by short covering after

failure to extend its recent corrective pullback below Gbp0.9000. Cross has now

settled around its key technical 10-dma, currently at Gbp0.9054, a clear break

away from this level to determine next direction. Cable found support at $1.2480

around the 1600BST fix, settling around $1.2490 into the close. Early risk

appetite in Asia saw cable push up to $1.2518 before momentum faded, and with

Chinese equities backing off best levels eased before meeting support at

$1.2490. Rate recovered to $1.2514 ahead of the European open but seen attracted

back to the $1.2500 area. Cable to continue to look toward equity markets, which

are currently acting as a barometer for risk, for direction. BOE Haldane appears

in a webcast at 1800BST. 

- Support $1.2480, $1.2450. Resistance $1.2520, $1.2530, $1.2543.