Managed to extend its recovery off............>

CABLE: Managed to extend its recovery off Wednesday lows of $1.2662(YTD low) to

$1.2754 Thursday before upside momentum faded. Comments from US Mnuchin that

further sanctions on Turkey were being prepared if US pastor not released saw

fresh pressure on the TRY and bruised a developing risk on outlook. Cable was

pressed down to $1.2694 before it settled around $1.2715 into the close. Rate

drifted boff to $1.2708 in early Asia before risk on was given an added boost as

PBOC fixed the Cny below expected area and Asian equity markets traded positive.

Cable nudged up to $1.2727 then settled around $1.2720 into Europe. A light data

calendar in the UK Friday, attention on any comment concerning Brexit from EU

Chief Negotiator Barnier (no press conference planned), as Brexit talks continue

in Brussels. Failure to build on the move above $1.2740 Thursday will have

disappointed some technical traders. Resistance now seen at $1.2754/64. Support

$1.2695/90.