PM Johnson prorogation of Parliament, in......>

CABLE: PM Johnson prorogation of Parliament, in what is seen as a course to make

opposition to a no-deal more difficult, knocked sterling lower across the board

Wednesday, dropped cable to $1.2157 in initial reaction but was able to recover

to $1.2253 in post 1600BST trade before it closed around $1.2210. Interesting

move with sterling seen supported by a market already sitting short sterling,

with some still holding an underlying optimistic view that a deal can be agreed

the closer we get to Oct31. Cable edged to $1.2222 in early Asia before Tokyo

pressed back to $1.2200 but buyers soaked up supply which has allowed rate to

nudge back to $1.2215 in early Europe. 

- Support $1.2200, $1.2160/50. Resistance $1.2222, $1.2253, $1.2285/90 ahead of

$1.2300-10. 

- A data light calendar for the UK Thursday, Brexit no-deal developments will be

watched closely for direction.