Having failed on its revisit to Friday's......>

CABLE: Having failed on its revisit to Friday's high of $1.2731 in early Tokyo

trade(touched $1.2730), rate reversed through the balance of Asia and into

Europe, touching a low of $1.2628 before picking up fresh demand interest into

NY. Rate recovered to $1.2705, extending on to $1.2713 into the Europe close as

the pound again benefited from the positive performance in equities. Resistance

remains into the $1.2730/31 area, a break to open a move toward $1.2750 ahead of

$1.2778(76.4% $1.3200-1.1.1412) and $1.2795(1.618% swing target of

$1.2731-1.2628). Risk remains the driver in sterling, with the pound seen in a

corrective phase, technical traders seeing potential to $1.32-1.33 ($1.3244

61.8% $1.4377-1.1412), but watching equity market performance for clues.