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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.