Rate was dragged lower by EUR/USD Thursday,...>

CABLE: Rate was dragged lower by EUR/USD Thursday, as market saw ECB Draghi's

comments as 'dovish'. Cable was pressed to a low of $1.3106 with recovery

efforts remaining shallow($1.3115). Rate marked an extended low of $1.3100 in

Asia, recovered again to $1.3115 before challenging that early base again ahead

of Europe. Rate retains an underlying heavy tone. EUR/GBP however has

consolidated its recent corrective pullback between Gbp0.8880/90. EU Barnier

comments Thursday, rejecting the UK White Paper customs plan, provided the

catalyst for cable to slip lower in line with EUR/USD. A break of $1.3100 to

expose $1.3086(50% $1.2958-1.3213) ahead of the Jul24 low of $1.3072. Resistance

remains at $1.3115, ahead of $1.3140/50. US first estimate of Q2 GDP takes

centre stage, market median 4.2% but market aware of recent comments from the

White House suggesting number could be 'big'(Kudlow), 'terrific'(Trump) which

has some upping their outlook.