Having seen a PMI react high of $1.3173 on....>

CABLE: Having seen a PMI react high of $1.3173 on Friday (Jan24) cable has

retreated, the move down seen on positioning ahead of Thursday's BOE MPC rate

announcement with reports suggesting that, though strong, the PMI data not seen

enough to possibly divert a rate cut. Cable extended its corrective easing to

$1.3040 Monday in NY with recovery efforts capped at $1.3060 through to the

close. Rate managed to nudge its way up to $1.3065 in Asia before it settled

back between $1.3054/60 through the balance of the session. Early Europe emerged

as sellers and have pressed rate through Monday's low to $1.3031 with recovery

efforts so far holding very shallow. Minor support seen into $1.3030 ahead of

stronger interest between $1.3010/00. Resistance remains at $1.3060/65 ahead of

$1.3090/1.3105. 

- UK CBI Retail Sales at 1100GMT (market median 5) could influence this close to

BOE.