Continues to trade with an underlying heavy...>

CABLE: Continues to trade with an underlying heavy tone, the rate bringing

pressure to bear on the earlier Asian base of $1.3100, posting a fresh low of

$1.3099 at writing, with some looking at an interim support line(drawn off

recent lows) that comes through around $1.3096(Aug1 low). Further support noted

close by at $1.3090(Jul31 low). Main focus today on the BOE MPC rate

announcement, with accompany press conference and Inflation Report. Most expect

a dovish 25bp rate hike leaving risk open to hawkish rhetoric. Sparking analyst

interest will be the release of r*(real natural equilibrium rate of interest -

interest rate premium/discount against real price inflation). Ahead of the

announcement we have release of UK Construction PMI(market median 52.8 vs last

53.1) though this will be well overshadowed by the BOE. Cable resistance

$1.3129(Asia high) ahead of $1.3139/44 and $1.3173.