Corrective pullback away from Thursday's......>

CABLE: Corrective pullback away from Thursday's high of $1.2670 extended to

$1.2567 in early Europe, as late NY risk off tone carried over through Asia and

into Europe. Rate recovered to $1.2626 into NY as risk outlook improved on the

back of positive comments concerning Gilead's Remdesivir efficacy. Opening NY

sold back into this recovery, took cable to $1.2585 before a stronger bounce

allowed rate to clear the earlier high, taking rate on to a high of $1.2664.

Despite the firm tone rate could not find the momentum to challenge Thursday's

high, and with USD demand emerging at the 1600BST fix saw rate ease off to

$1.2621 where it met decent support. Rate has nudged back to $1.2635 in thin NY

afternoon trade. EUR/GBP has managed to hold below its key 10-dma (current

Gbp0.9017, though holds off base of its 1.0% 10-dma at Gbp0.8927. 

- UK CPI(Jul15) and Employment data(Jul16) next week. BOE speakers also on the

docket.

- Cable support $1.2620, $1.2585, $1.2567. Resistance $1.2664/70, $1.2681/88

(76.4% $1.2813-1.2252/Jun16 high).