Recovery off Tuesday's low of $1.2002.........>

CABLE: Recovery off Tuesday's low of $1.2002 touched a high in NY of $1.2115

before closing the day at $1.2044. Asian traders reported some short covering at

their open which allowed rate to push through the NY recovery high and on to

$1.2130 before momentum faltered. Rate has since drifted back to $1.2073 in

early Europe. Support seen at $1.2044, stronger toward $1.2000(option interest

being protected?). Resistance $1.2130, $1.2150, $1.2180/1.2200. A light data

calendar in the UK Wednesday. 

- So far the fiscal package announced by Chancellor Rishi Sunak has been taken

well but expect further analysis. Chancellor due to face questions today in

Parliament. 

- MNI Techs: GBPUSD remains under considerable pressure following the sharp

sell-off last week/this week. Last week's break of key support at $1.2726(Feb 28

low) continues to weigh. The move confirmed a resumption of the down leg that

has been in place since Dec13 which opens critical support at $1.2000, last

crossed in 2019, and marks a key psychological level on the longer-term charts.

Resistance switches to Tuesday's high at $1.2273.