Rate met decent support at $1.2520............>

CABLE: Rate met decent support at $1.2520 Thursday, the level the 76.4%

retracement of the recovery from $1.2480 to $1.2650, before performing a

recovery which saw rate touch $1.2625 post fix before general USD demand emerged

that pressed it back down to $1.2537. Rate recovered to $1.2555 into the close

with Asia extending the move to $1.2571(38.2% $1.2625-1.2537)before momentum

faded. Rate has since eased to $1.2550 where it has met support. Risk remains a

key driver for sterling markets, the pound performing well during risk appetite.

Domestic focus on BOE Bailey(webinar) at 1100BST though the European Council

meeting, attempting to get agreement for their E750bln COVID-19 recovery plan,

to overshadow. US Housing Starts/Building Permits at 1330BST and UofM at 1500BST

also provide possible market moving interest. 

- Cable support $1.2550, $1.2537, $1.2520, $1.2480. Resistance $1.2571,

$1.2581/91(50%-61.8%), $1.2604(76.4%), $1.2625-50.