Following the break below $1.2248 support.....>

CABLE: Following the break below $1.2248 support Wednesday cable extended its

corrective pullback to retest the Apr7 low of $1.2166 where it met decent

support in early NY. Rate recovered through the balance of the US session,

edging its way to $1.2232 into the close. Rate extended this move to $1.2239 in

early Asia before momentum faded and it eased off to $1.2203. Recovery efforts

ahead of the European open were held below $1.2220, though the Asian session was

described as generally subdued. 

- No clues from EUR/GBP as the cross holds back within its technical 1.0% 10-dma

envelope, topside Gbp0.8874, 10-dma Gbp0.8786, envelope base Gbp0.8698. 

- Cable support now seen at $1.2200, $1.2180 ahead of stronger $1.2166.

Resistance $1.2220, $1.2240/50.

- A light data/speaker calendar in the UK Friday.

- Risk remains a key driver with Brexit transition bubbling away in the

background.