Cable's four day rally came to an abrupt......>

CABLE: Cable's four day rally came to an abrupt end yesterday following the FOMC

press conference. GBPUSD briefly traded above $1.31 for the first time since

mid-April, before Fed Chair Powell remarks on technical revisions and patient

stance, pared gains. Rate touched pullback lows of $1.3038, before recovering

into the close.

- A quiet Asia session spilled over into Europe with GBPUSD consolidating either

side of $1.3050.

- Bulls look to recover $1.31 to reignite topside momentum, targeting the 50%

fibo of $1.3381-1.2866 & Apr 12 high at $1.3124/33.

- Busy schedule on the calendar today with the BoE rate decision, press

conference & inflation report the main focus. The MPC will likely hold 9-0

again, but there has been specualtion about the possibility of a hawkish

dissenter among the committee (see MNI Analysis email - Hawkish Dissenter

Possible Apr 29). There will likely be upgrades to CPI & GDP in the inflation

report. Construction PMI is also due at 0830GMT.