Managed to recover to $1.2415, as rate........>

CABLE: Managed to recover to $1.2415, as rate tracked EUR/USD's stronger

recovery bounce, but momentum in both pairs quickly faded and cable eased back

to $1.2334, though held off its earlier low of $1.2308. Rate closed at $1.2346.

Steady session through Asia as cable was basically held between $1.2350/60

before position adjustments ahead of the European, and the release of UK Retail

Sales, prompted sterling sales. Retail Sales came in at -5.1%mm, below BBG

median for -5.0%, which acted to place further pressure on the pound. Rate eased

to $1.2322 but was seen meeting some demand into the dip, but recovery effort so

far seen muted. Stronger support seen into $1.2310/00, a break to expose

Wednesday's low of $1.2275 ahead of Tuesday's low of $1.2248. S&P UK rating

review also seen bubbling away in the background, as are the current Brexit

negotiations.

- A light data calendar in the UK, BOE APF schedule announced at 1100GMT.

- MNI TECHS: Recent pullback from $1.2648(Apr14 high) signalled concern for

bulls while Wednesday's break of 1.2408(Apr16 low) has essentially confirmed a

S/T reversal. Focus is on 1.2166(Apr7 low).