Market positioning ahead of the BOE MPC.......>

CABLE: Market positioning ahead of the BOE MPC announcement Thursday took cable

down to $1.2978, only for it to bounce back (an interesting rise leading into

the release) to an eventual high of $1.3110 as market reacted to the unchanged

decision, with vote split remaining at 7-2. However, the positive react was

tempered, in part by profit take sales, but by perception that it was a dovish

hold with hard data going forward to determine rate path. Corrective pullback

was held at $1.3080 before closing at $1.3093. Cable touched an early low of

$1.3084 in Asia before picking up fresh demand that lifted it to $1.3105, then

consolidated just below $1.3100 into Europe. Rate edged to $1.3104 in Europe and

showing a tentative buoyant tone in early trade. Resistance seen into $1.3110

ahead of $1.3116(falling resistance Dec13), a break to expose $1.3138(50-mma)

ahead of $1.3150/60. Support $1.3080, $1.3060(38.2% $1.2978-1.3110),

$1.3044-28(50%-61.8%). Mortgage lending data provides domestic interest.

Month-end and USD sales suggested to be seen. UK officially leaves the EU at

2300GMT, PM Johnson speech to be shown at 2200GMT.