Rate drifted off to a low of $1.2511 as.......>

CABLE: Rate drifted off to a low of $1.2511 as Tuesday's improved risk outlook

faded through the day, with increased COVID-19 infections in Texas and Florida

weighing on equities. As equities improved into the European close so cable

recovered, edging to $1.2558 into the NY afternoon. Expect some resistance into

$1.2560 ahead of $1.2580/85 and $1.2600 (50% $1.2688-1.2511). Support remains at

$1.2511/10(earlier low and 76.4% $1.2455-1.2688), a break of $1.2500 to expose

$1.2474 ahead of $1.2455. 

- Focus Thursday on the BOE MPC monetary policy announcement. No change in rates

widely expected, most looking for the MPC to increase asset purchases by

Gbp100bln(which may prove disappointing), though some suggest this increase

could be larger (Gbp200bln - Citi).