Recovery off Friday's low of $1.2162..........>

CABLE: Recovery off Friday's low of $1.2162 (support seen into $1.2160 61.8%

1.2076-1.2296)picked up in thin afternoon trading Monday (UK and US closed),

gaining an added boost through Asia on an improved risk outlook (an easing in

COVID-19 restrictions seen globally), as well as some easing of pressure on PM

Johnson after the appearance in front of reporters of his chief adviser Dominic

Cummings. Cable pushed on to $1.2224 in Asia with Europe extending the move on

to $1.2238 at writing. Focus this morning on BOE Haldane at 1000BST ahead of the

release of CBI Retail Sales data at 1100BST.

- Support $1.2180, $1.2160. Resistance $1.2240/50, $1.2288/96. 

- Despite the recovery most reports retain an underlying bearish outlook for

sterling noting BOE references to negative rates, the final round of Brexit

negotiations beginning Jun01, with deadline for extending the transition phase

Jun30 (no extension widely expected). However, month-end approaching with early

models suggesting USD sales to be seen, though signals not as strong as last

month.