Extended the recent fall away from its 2018...>

CABLE: Extended the recent fall away from its 2018 high of $1.4377(Apr17) Monday

to a low of $1.3713 but had managed to recover to $1.3786 pre month-end fix

before it settled around $1.3765 into the close. Consolidation in Asia saw rate

trade within a tight range of $1.3755/73 though underlying negative tone

remained, rate touching an early base in Europe of $1.3751. Markets through Asia

were fairly subdued due to the May Day holiday with most European centres also

closed today to observe. Expect some minor support around $1.3740 ahead of

$1.3713 with weak talk in Asia suggesting the $1.3700 level holds option barrier

interest which should draw protective demand ahead. Stops also mentioned on a

break below. Resistance  remains around $1.3785 ahead of $1.3800. Main focus

today on UK Manufacturing PMI at 0830GMT. Market median expectation seen at

54.8, down from prior 55.1, but would still be seen as a firm reading if the

median proves correct. A miss would put added pressure on the pound. A better

release should relieve some of the recent negative weight but stale longs would

be expected to take advantage of any blip higher.