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

CABLE: Corrective pullback away from Wednesday's high of $1.2543 met support

ahead of $1.2400 during European morning business before it recovered to

$1.2464, settling around $1.2450 into NY. Rate was again heavily influenced by

equity market activity, concern over COVID-19 spread in the US weighed on risk

which pressed cable back to retest support into $1.2400. The move below said to

have triggered stops which provided the added impetus to take rate to $1.2389

where it met fresh demand (stalling just ahead of its $1.2385 76.4% retracement

of the recent recovery from $1.2336 to $1.2543) that bounced rate back around

$1.2420. Fresh dips have again met support around the $1.2400 level with rate

currently seen settled back around $1.2420. Not seeing anything market moving

from BOE Haldane (speaking from 1800BST on the Future of Society in Glasgow). 

- Support remains at $1.2400 ahead of $1.2389/85, with the base of the 1.0%

10-dma envelope likely to have eased to around $1.2350 for Friday. Resistance 

$1.2420/25, $1.2456/64.

- Risk, via equity markets, remains the key directional driver. Sterling

performs well with risk.