Rallied from a low of $1.2832 Thursday to a...>

CABLE: Rallied from a low of $1.2832 Thursday to a high in NY of $1.3001 before

it settled around $1.2985 into the close. This recovery was seen driven on the

back of renewed hopes that a hard/no-deal Brexit is becoming less likely,

although No.10 reiterated earlier claims that extending Art.50 is not on the

table. After speaking to senior MPs, UK PM May decided to drop out from next

week's Economic Forum in Davos. She is set to present a "plan B" to the

lawmakers on Jan21, before it is put to the vote on Jan29. Trade in Asia

consolidated Thursday's gains within a range of $1.2967/94, the rate though

feeling some early European sell pressure as it extends pullback to $1.2965.

Expect some support to emerge at $1.2950 ahead of $1.2936 with stronger interest

likely between $1.2920/00. Resistance remains into and above $1.3000, a break

and clear to export $1.3045/50.