Recovery efforts hold shallow after the.......>

CABLE: Recovery efforts hold shallow after the earlier reported mth-end related

Eur/Gbp demand. Cable did bounce off traded lows of $1.4122 but faded around the

$1.4155/60 area. Hourly support is located at $1.4100, opening demand at

$1.4080. Eur/Gbp will attempt to consolidate above Gbp0.8800, targeting

Gbp0.8833/36 (Jan30 high, 50-dma). Main focus turns to the FOMC tonight at

1900GMT, RBC note this is expected be one of the more uneventful FOMC meetings

in some time. They add the likelihood of a hike is near zero, and the fact that

there is no press conference or update to economic projections means the

statement will be in focus. RBC think there will be important tweaks that will

make this statement much more hawkish than the December version.