Eventual break of $1.2380 in NY provided......>

CABLE: Eventual break of $1.2380 in NY provided the added impetus to take rate

down to challenge technical support at $1.2336(Jun22 low), a mentioned target

for several traders, travelling on to $1.2315 into the 1600BST fix. Traders have

mentioned that US corporate demand for month-end value likely provided one of

the prongs of general USD demand, the other by COVID-19 spread concerns in the

US which weighed on equities/risk. Post fix cable managed to edge back to

$1.2355, currently around $1.2350. Weak talk also suggested that month-end

EUR/GBP demand by a certain European sovereign could have added to the weight on

sterling (EUR/GBP touched a high of Gbp0.9100, though remained within its 1.0%

10-dma envelope, topside Gbp0.9111), as EUR/USD managed to shrug off the main

USD demand pressure, but struggling to find confirmation. Support now at

$1.2315-00, $1.2280, $1.2250(76.4% 1.2076-1.2543). Resistance $1.2380, $1.2400.