Rate survived Friday's month-end pressure.....>

CABLE: Rate survived Friday's month-end pressure and held above $1.3000, the

rate touching $1.3001 before it managed to recover to $1.3060. However, recovery

struggled to hold gains, eased off to $1.3028 into the close. Rate edged to

$1.3058 in thin opening trade in Asia (China and HK closed for holiday)before it

eased off to $1.3030. Rate settled between $1.3028-44 for the balance of the

overnight session, touched $1.3023 at the European open before edging to

$1.3037. Manufacturing PMI for the UK due at 0830GMT though attention will be

switched toward the ruling Conservative Party conference and any comment on

Brexit/PM May's standing. Cable support $1.3019/14, stronger into $1.3000.

Resistance $1.3050/60. SOMA day and we could see USD demand emerge, especially

vs the EUR and JPY (based on historical market action) which could place some

downside pressure on cable. However, EUR/GBP holds back below Gbp0.8900 and is

seen trading with a heavy feel in early European trade(first European moves

often prove wrong?). Support in the cross seen at Gbp0.8875/65, the base of the

1.0% 10-dma envelope currently coming through at Gbp0.8823.