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Approaching The 50-Day EMA


Late Rally Counters Early Negativity


Larger FX Option Pipeline

CABLE: Rate remains under pressure in the moderately strong USD environment,
touching fresh lows of $1.3479. There's relatively little on the calendar today
so focus likely to remain on the US yield curve and (in particular) the feed
through effects on USD/JPY. Yesterday's lows of $1.3475 provide the initial
support, with Tuesday/Wednesday lows kicking in at the $1.3456/51 levels. Below
there, the rate will push through to multi-month lows and the $1.3408 support
line, marking the 38.2% Fib for the $1.1841-1.4377 move.
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