Fell back from Tuesday's high of $1.3122 as...>

CABLE: Fell back from Tuesday's high of $1.3122 as German Govt spokesperson

denied earlier reports that Chancellor Merkel was willing to attach a 5-yr time

limit on the Irish backstop. Rate pressed to a post 1600BST fix low of $1.3031

but managed to recover to $1.3063 before it settled around $1.3050 into the

close. Rate pivoted around $1.3050 through the early part of the Asian session

before it edged up to retest the NY recovery high of $1.3063 ahead of the

European open. However, sterling needed the added demand at the European open to

push above, the added buying edging rate on to $1.3077. Move seen as a reaction

to the positive noises from Europe ahead of today's EU Brexit Summit where a

decision is to be made as regards the UK's request for an extension to

Article50. UK looking for an extension to Jun30, European Council President Tusk

has suggested a longer period may be needed, possibly into 2020, though on

flexible terms. Cross party talks continue but no break through seen as yet. 

- UK GDP and IP/Mfg at 0830GMT. ECB Rate Announcement/Draghi press conference,

US CPI and FOMC Minutes external interest.     - Cable support $1.3031-27,

$1.3000, $1.2980/70. Resistance $1.3100, $1.3120/30.