Monday cable catch up allowed rate to spike...>

CABLE: Monday cable catch up allowed rate to spike to $1.3200 before rate pulled

back to $1.3063 in early NY. Rate recovered to $1.3150 before it closed the day

at $1.3115. US Trump last night promised to announce a 'major economic relief

package' later today (1330GMT) which, along with China's XI visiting Wuhan,

helped market to repair some of Monday's risk off damage, cable pressed down to

$1.3017 into early Europe. However, risk concerns remain with rate edging back

toward $1.3050 in early Europe. MNI Techs have commented that GBPUSD's current

recovery remains in place despite the overnight pullback, adding that last

week's gains changed the S/T outlook. Breach of an important near-term

resistance at $1.3018, the Feb25 high on Friday represented an important bullish

break and clears the way for a climb towards $1.3215, Feb 3 high now that

$1.3070, Feb13 high has also been breached. Bears need a return below $1.2861,

Mar 5 low to suggest the return of a bearish threat.

- No major UK data this morning, some have focus on US NFIB Small Business Index

at 1000GMT. However, COVID-19 spread remains key, as market awaits Trumps plans

to counter effects.