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Recovery off Friday's low of $1.3254..........>

CABLE
MNI (London)
CABLE: Recovery off Friday's low of $1.3254 extended on to $1.3362 post fix,
overcoming the NFP set back which saw rate dip to $1.3284 off an initial rally
high of $1.3337. Rate found support around $1.3340 before it closed the week
around $1.3350. Thin opening conditions for the week, as NZ out today, saw rate
mark a low of $1.3332 before fresh demand emerged to take recovery on to $1.3377
before momentum faltered. Pullback was supported at $1.3365 ahead of the
European open. The USD seen trading soft as European political concerns from
last week fade, with weekend US/China trade talks failing to make much progress,
has seen EUR/USD lead the correction allowing in turn EUR/GBP to nudge up to
Gbp0.8748, as cross further extends its recovery off its NFP react low of
Gbp0.8726. This recovery in the cross seen providing some counter to cable's
correction. UK Construction PMI provides domestic data interest Monday but more
focus seen on Tuesday's release of key Services PMI Tuesday. Cable resistance
seen from the earlier high of $1.3377, a break of $1.3385 suggested to
accelerate upside gains. Support $1.3360 ahead of early Asian low of $1.3332.
BOE MPC Tenreyro  speaks at 1700GMT.   
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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