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

MNI (London)
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
- Cable support $1.2620, $1.2585, $1.2567. Resistance $1.2664/70, $1.2681/88
(76.4% $1.2813-1.2252/Jun16 high).  
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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