Long squeeze Thursday saw stops triggered.....>

CABLE: Long squeeze Thursday saw stops triggered as rate was pressured through

$1.3100, taking it down to $1.3051 before rate bounced back to $1.3184 as

markets awaited polling stations closure at 2200GMT and the exit polls. Sterling

spiked higher into the Asian open as those early exit polls suggested a strong

win for PM Johnson, cable traded to $1.3514, but has been mentioned recently,

this result was expected to propel rate to the $1.35/1.36 area with reaction

running into a wall of profit take interest which eased it back to $1.3433.

However, dip attracted in further buyers allowing rate to settle around $1.3475

into Europe. Election results now show that PM Johnson has won the election(a

new 'glorious 12th'?) with a projected majority of around 60 seats. Expect

initial support around $1.3450 ahead of the earlier pullback low of $1.3433 and

$1.3400. Resistance $1.3514, $1.3540/50, $1.3600. Johnson has now been given the

mandate to get Brexit done, the electorate will watch trade negotiation

progress, could make the next election more interesting. $1.3450 and $1.3400

hold expiring option strikes of Gbp1.02bln and Gbp1.36bln respectively of Gbp

calls. UK Final Svcs/Composite PMI's due at 0930GMT.