Positive reaction in sterling as the BOE......>

CABLE: Positive reaction in sterling as the BOE kept rates/QE on hold, saw cable

rally to a high of $1.2418 before market focused on growth warnings and the

pound pared gains, the move lower gaining in pace into NY as rate dropped to

$1.2266. Rate bounced back as the USD was sold off across the board on the back

of lower yields, allowed cable to rally back to $1.2377. EUR/GBP swung through

its 10-dma, initially broke down to Gbp0.8709, bounced to Gbp0.8790 in NY before

settling around Gbp0.8753. UK holiday Friday, celebrating 75 years since VE Day.

Focus tomorrow will be on US Jobs data at 1230GMT with expectations for the NFP

to fall by 20.5mln. This evening's UK Govt press conference marked the end of

the second 3-week period of lock down, no changes mentioned but seen as a

curtain raiser for an easing pathway to be announced by PM Johnson on Sunday. 

- Cable support seen at $1.2266 ahead of $1.2248. Resistance $1.2380/85 ahead of

$1.2400 and $1.2418.