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(U2) More Stable But Still Fragile

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Trend Structure Remains Bullish

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Cautious Risk Appetite Gains Momentum

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Key Support Still Exposed

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Late Equity Roundup: 2W Highs

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CABLE
MNI (London)
CABLE: Corrective pullback away from Friday's late high of $1.2981 extended to
$1.2887 in early Europe Monday on virus linked risk aversion. Recovery off the
lows accelerated in NY as US assets came under pressure, equities were marked
sharply lower, UST yields eased, which in turn saw the USD lose ground across
the board as markets took stock of COVID-19 spread (affects on global growth)
and the Bernie Saunders effect following the Iowa caucus. Cable rallied to
$1.2938, dipped to $1.2913 before closing the day around $1.2928. Cable's
recovery trailed the stronger bounce in EUR/USD which in turn saw EUR/GBP edge
away from its key 10-dma (Gbp0.8352) to make a show back above Gbp0.8400. Cable
marked an early low in Asia of $1.2915 in reaction to Wall Street's fall, but a
reassessment of the COVID-19 risk allowed for some paring of risk off positions,
allowed cable to correct to $1.2942. Virus developments remain a key driver for
markets. For the UK, CBI reported sales at 1100GMT draws attention, market
median 3, up from its flat reading last.
- Cable support $1.2915/10, $1.2900, $1.2887. Resistance $1.2942, $1.2954,
$1.2980, $1.3000.   
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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