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MNI (London)
CABLE: Recovery Monday(off an Asian low of $1.3056) fell just short of an upside
technical target at $1.3170, touched $1.3167 before it reversed back to $1.3111
ahead of the close. Consolidation in Asia saw rate contained within a tight
range around $1.3115 before USD demand at the Tokyo fix, returning Japanese
market and Sep25 a Goto-bi day, acted to pressure rate down to $1.3002. Rate
retains a heavy feel into early Europe, though trade thus far remains fairly
lethargic. Tech traders have suggested that the break below $1.3108 turns focus
on $1.3065. A move below $1.3100 may accelerate this view. Resistance remains
into $1.3170. BOE external MPC member Vlieghe speaks this morning at 0840GMT in
an otherwise data light domestic calendar. Brexit developments remain a key
driver. Opposition Labour Party conference continues. 
MNI London Bureau | +44 203-586-2231 |